Sunbird posts K1.3 billion loss in first half

Malawi Sunbird posts K1.3 billion loss in first half of 2020

Post was last updated: September 24, 2020

Sunbird Hotels and Resorts plc has registered a loss after tax of K1.336 billion during the first half of 2020, a condensed interim financial statement published by the company has shown.

This is a devastating fall of the business when compared to a profit after tax of K1.197 billion the company posted during the same period last year.

The loss has been attributed to reduced business emanating from the Covid-19 pandemic and political anxieties before the June 23 fresh presidential elections.

The company has also posted a 32 percent total revenue drop from K9.038 billion registered during the first half of 2019 to K6.120 billion accumulated in the same period this year.

The statement cosigned by the company’s Chairman, Phillip Madinga, and Director, Anderson Kulugomba, expresses confidence of a rebound in business.

“The easing of lockdowns in various countries and the opening of airports bodes well for the company albeit that this will be a gradual recovery process for the industry,” reads the statement in part.

The company has further indicated that its expansion projects such the construction of a 42 bedroom beach resort at Sunbird Livingstonia Beach and construction of the additional 15 rooms at Sunbird Nkopola Lodge are at an advanced stage.

The hospitality sector is one of the hardest hit industries by Covid-19 following travel restrictions initiated in different countries to contain the further spread of coronavirus.

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