PIM’s turnover and Pre-tax profits grow
January 08 2010

PIM ended its 2008/2009 financial year on a good note as both the turnover and pre-tax profit increased mainly as a result of volume growth in some product lines and costs.

According to the Audited Financial statement released in December 2009, profitability was however affected by high exchange losses arising from the strengthening of the Rand and Euro against the Malawi Kwacha.

“Shortages of foreign currency also affected operations of the company as we were, in some cases, unable to meet customers’ delivery requirement on schedule.” It said.

It says the demand/supply situation for worldwide paper products is tightening and has started affecting input materials saying the price increases together with the foreign currency situation will put pressure on its operations and margins.

The report was signed by the Chairman Raymond Lund and the PIM’s Managing Director Simon Itaye on behalf of the board.

2009 Annual Report>>

By Naomi Mafunase Msowoya

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