Pan-African agricultural company Agriterra said its performance is demonstrating a trend towards profitability.
For the year to the end of May, pre-tax losses totalled $5.6m, down from a re-presented $6.5m last time. Revenues fell to $13.8m from $18.1m and gross profits were $1.3m, down from $2.9m a year ago.
Mozambique based beef operations saw a substantial increase in revenues to $4m in the 12 months to 31 May, compared with $2.23m the year before.
The company said the fall in revenues reflecting lower maize volumes were offset by increasing beef sales.
In the current financial year Agriterra has already opened a new site in Moatize, in the Tete province, and is looking at additional sites in the north and north east of the country.
"With a positive outlook predicted for Mozambique, due to continued strong economic development and the growth of foreign direct investment into the country our vertically integrated operations leave the group well positioned to maximise financial returns across the entire 'field to fork' value chain," the company said.
It added: "With the necessary critical pillars to support growth in place and a defined investment programme in progress, the board believes that our Mozambique beef operations are set to become self-sustaining and profitable, which should in turn have a favourable impact on the group's performance in the years ahead."
