Cresta MD Morulane optimistic of bounce back
CrestaMarakanelo management remains optimistic despite P63 million net losses reported in the company’s 2020 financial year results, last week.
“With the rollout of vaccinations and roll back of lockdowns in some advanced economies like the US and the UK, we are hopeful of an ease of travel in the short to medium term,” said Cresta Managing Director, Mokwena Morulane. He believes that the future is promising and that the hospitality industry will roar back to life. “We believe in tourism, Botswana’s unique offering and that international tourism will come back,” emphasized Morulane. “As the crisis continues, we will be thinking of other value frontiers that will urge us to forge ahead to protect shareholder value,” said Morulane.
However, Cresta board chairman, Moatlhodi Lekaukau expects COVID- 19 pandemic disruptions to continue in varying degrees for the foreseeable future, adding that it is not clear when the current operating restrictions will return to normal pre- pandemic levels.
“The material uncertainties regarding the recovery of the occupancy levels and the resultant impact on liquidity, as well as the successful negotiation of additional funding, should this be required, cast significant doubt on the group’s ability to continue as a going concern,” said Lekaukau in the company’s latest financial report.
Meanwhile, Morulane says his team will continue to make efforts to cut down on expenditure for the company, during the pandemic period. “The pandemic made us self- reflect. We have organic gardens at each of our hotels which supply our kitchens with rich natural food from our fertile soils. As the crisis continues, we will be thinking of other value frontiers that will urge us to forge ahead to protect shareholder value,” Morulane said.