Published: 22 September 2017

Listed crocodile skin producer Padenga Holdings has reported a 100 percent rise in net income to $4, 05 million from $2 million in the half-year period to June 30, 2017, from the prior comparable period.

This was on the back of fair value adjustments on biological assets as the company made a fair value adjustment on biological assets of $9, 6 million, boosting profit despite a 52 percent decline in revenue to $2, 96 million.

The Zimbabwean Nile crocodile operation recorded a 28 percent increase in profit before tax to $4, 99 million from $3, 9 million last year.

Management said an additional 80 new pens are being constructed to improve production efficiencies. And the company expects to meet its culling volumes by year-end.

Padenga's United States alligator operation narrowed its loss before tax to $646 883 from $1, 04 million in the same period last year.

This operation is expecting to harvest 16 182 yearling alligators between July and December.Total assets increased to $79 million from $70, 7 million in the prior period, as the group spent $1, 28 million on capital expenditure.

The board decided not to declare a dividend due "to a disproportionate working capital requirement in the first half of the financial year."
- bh24

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