By Ian Walker
Shares of Cambria Africa PLC rose 17% Wednesday after the company reported a near-threefold rise in post-tax profit for the first half of fiscal 2021 due mainly to lower taxes, and said that it doesn’t believe the latest coronavirus-related lockdown in Zimbabwe will hurt its operations in the short term.
The London-listed investment company said the lockdown could in fact boost sales of its sanitizer-products joint-venture partner, Merken (Pvt) Ltd.
The London-listed investment company made a profit after tax of $95,000 for the half year ended Feb. 28 compared with $36,000 for the same period a year earlier. Revenue fell to $526,000, from $1.3 million.
Shares at 1437 GMT were up 0.06 pence (0.08 U.S. cents) at 0.39 pence.
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View more information: https://www.marketwatch.com/story/cambria-africa-shares-jump-on-1h-post-tax-profit-surge-271625064291