AXIA Corporation has reported revenue of US$203,8 million for the year ended June 30, 2023 resulting in a marginal decline against the comparative year.
“Despite the revenue decline, the group realised growth in gross margin which increased by two percent on the prior year.
“Management made efforts to contain operating expenditure although cost-push pressures were evident in fuel costs and human capital costs resulting in increases over the comparative period,” company chairman Luke Ngwerume said in the financials.
The Group posted an operating profit of US$21 million, representing a 16 percent decline to the comparative period.
“The financial loss line is predominantly comprised of foreign currency exchange losses resulting from the depreciation of monetary assets denominated in local currency, as the local currency significantly devalued in the last quarter of the financial year.”