{"id":78397,"date":"2023-05-30T10:01:14","date_gmt":"2023-05-30T08:01:14","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions"},"modified":"2023-05-30T13:22:10","modified_gmt":"2023-05-30T11:22:10","slug":"african-sun-records-2-revenue-decline-hails-local-us-retentions","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions","title":{"rendered":"African Sun records 2% revenue decline; hails local US$ retentions"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>By Alois Vinga<\/b><\/p>\n

HOSPITALITY group African Sun Limited\u2019s revenue declined by 2% in the first quarter of the year on the back of depressed business volumes amid appreciation of a recent policy directive for local companies to retain US$ earnings.<\/p>\n

Presenting a trading update for the first quarter period of the concern\u2019s company secretary, Venon Musimbe revealed the details.<\/p>\n

\u201cRevenue at US$ 7,9 million for the first quarter ended 31 March 2023 was down 2% compared to the same period last year. The decline was largely due to depressed business volumes with occupancy at 39% being 3% points lower than the comparable period,\u201d he said.<\/p>\n

Both of the hotel operating segments experienced declines in occupancy levels with City Hotels posting a combined 51%, whilst Resort Hotels achieved 23%.<\/p>\n

Despite the waning impact of Covid 19 and the concomitant announcement by the World Health Organisation that it was no longer a public health emergency of international concern, foreign business remains depressed at 20% whilst domestic guests anchor business performance with a contribution of 80%.<\/p>\n

\u201cOn a positive note, subsequent to the end of the quarter under review, the RBZ [Reserve Bank of Zimbabwe announced that all domestic foreign currency proceeds shall be exempt from liquidation for all sectors while export proceeds will continue to be subject to a 25% liquidation,\u201d said Musimbe.<\/p>\n

The firm sustained focus on scaling its properties through refurbishment programmes amid anticipation to complete the US$4,2 million Hwange Safari Lodge 100 rooms refurbishment during the second quarter of the current year.<\/p>\n

ASL finished renovating 47 rooms and the kitchen at its upmarket hotel, The Victoria Falls Hotel, in the third quarter of 2022. Approximately US$5 million was committed by ASL and its partner, Meikles Limited, to modernise this building.<\/p>\n

Other refurbishments are taking place at the Great Zimbabwe Hotel\u2019s conference centre and unfinished guest rooms that should be completed by mid-year.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga HOSPITALITY group African Sun Limited\u2019s revenue declined by 2% in the first quarter of the year on the back of depressed business volumes amid appreciation of a recent policy directive for local companies to retain US$ earnings. Presenting a trading update for the first quarter period of the concern\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":78396,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":{"0":"post-78397","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-zimbabwe"},"yoast_head":"\nAfrican Sun records 2% revenue decline; hails local US$ retentions - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga HOSPITALITY group African Sun Limited\u2019s revenue declined by 2% in the first quarter of the year o ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African Sun records 2% revenue decline; hails local US$ retentions\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga HOSPITALITY group African Sun Limited\u2019s revenue declined by 2% in the first quarter of the year o ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-30T08:01:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-30T11:22:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1685429439.773809.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"522\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions\",\"name\":\"African Sun records 2% revenue decline; hails local US$ retentions - zimbabwe\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1685429439.773809.jpg\",\"datePublished\":\"2023-05-30T08:01:14+00:00\",\"dateModified\":\"2023-05-30T11:22:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4\"},\"description\":\"By Alois Vinga HOSPITALITY group African Sun Limited\u2019s revenue declined by 2% in the first quarter of the year o ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1685429439.773809.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1685429439.773809.jpg\",\"width\":800,\"height\":522,\"caption\":\"African Sun records 2% revenue decline; hails local US$ retentions\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.cc\/zimbabwe\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"African Sun records 2% revenue decline; hails local US$ retentions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/\",\"name\":\"zimbabwe\",\"description\":\"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4\",\"name\":\"cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"African Sun records 2% revenue decline; hails local US$ retentions - zimbabwe","description":"By Alois Vinga HOSPITALITY group African Sun Limited\u2019s revenue declined by 2% in the first quarter of the year o ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions","og_locale":"en_US","og_type":"article","og_title":"African Sun records 2% revenue decline; hails local US$ retentions","og_description":"By Alois Vinga HOSPITALITY group African Sun Limited\u2019s revenue declined by 2% in the first quarter of the year o ...","og_url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions","og_site_name":"zimbabwe","article_published_time":"2023-05-30T08:01:14+00:00","article_modified_time":"2023-05-30T11:22:10+00:00","og_image":[{"width":800,"height":522,"url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1685429439.773809.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions","url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions","name":"African Sun records 2% revenue decline; hails local US$ retentions - zimbabwe","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1685429439.773809.jpg","datePublished":"2023-05-30T08:01:14+00:00","dateModified":"2023-05-30T11:22:10+00:00","author":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4"},"description":"By Alois Vinga HOSPITALITY group African Sun Limited\u2019s revenue declined by 2% in the first quarter of the year o ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#primaryimage","url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1685429439.773809.jpg","contentUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1685429439.773809.jpg","width":800,"height":522,"caption":"African Sun records 2% revenue decline; hails local US$ retentions"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/african-sun-records-2-revenue-decline-hails-local-us-retentions#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.cc\/zimbabwe\/"},{"@type":"ListItem","position":2,"name":"African Sun records 2% revenue decline; hails local US$ retentions"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website","url":"https:\/\/www.africa-press.net\/zimbabwe\/","name":"zimbabwe","description":"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4","name":"cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/78397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/comments?post=78397"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/78397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/media\/78396"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/media?parent=78397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/categories?post=78397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/tags?post=78397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}