AXIA Corporation suffered serious currency fluctuations in all three operating markets which mainly choked its logistics business Distribution Group Africa (DGA) in Zimbabwe, Zambia and Malawi.
The group which also operates TV Sales and Home, Restapedic, Legend Lounge and Transerv in Zimbabwe saw a major depreciation of the Zimbabwe Gold (ZiG) currency and high inflation pile pricing pressures.
The Reserve Bank of Zimbabwe’s devaluing of the ZWG against the US- dollar by close to 43 percent towards the end of the first quarter worsened matters.