Turnstar Holdings Limited (Botswana) expects revenue increase of 41% to P61,018m in HY2021

By Published On: September 27th, 2021Categories: Corporate announcement

The listing requirements of the Botswana Stock Exchange (“BSE”) require Turnstar to announce through the BSE, any circumstances or events that have or are likely to have, a material effect on the financial results of the company for the period to be reported upon next.

During the previous half year ended 31 July 2020, the Government of Botswana implemented two lockdowns, to combat the spread of the Covid 19 pandemic. A strategic decision was made to grant substantial rental concessions to our commercial tenants who could not operate during the lockdowns. The rental revenues of the Group for the half year ended 31 July 2021, increased substantially, compared to the corresponding half year ended 31 July 2020.

The US $ appreciated substantially against the Botswana Pula, during the half year ended 31 July 2020. As such the Group had a substantial forex loss on the US $ loan, for the previous half year 31 July 2020. The US $ appreciation against the Botswana Pula for the current half year ended 31 July 2021, was less than the corresponding previous half year ended 31 July 2020. Accordingly, the Forex loss on the US $ loan for the half year ended 31 July 2021 is substa