Chobe cuts down losses
Chobe Holdings Limited anticipates slight improvement from the loss recorded in the previous period last year. The group stated that its loss before tax will likely be between 33 – 38 percent ( approximately P 14.4 million to P 16.6 million) less than that reported for the comparative period ended 31 August last year, which amounted to a loss of P 43.7 million. The Group will be publishing its unaudited financial results for the half- year ended 31 August 2021 before November 5, 2021.
In its year ended February 2021, the company recorded a loss of P67.7 million. Commenting on the published financial results, Chobe Holdings Deputy Chairman and Chief Executive Officer, Jonathan Gibson said despite efforts to preserve cash resources and
remain debt free, the ongoing crisis forced the company to draw into pre- arranged overdraft facility of P25 million to the extent of P11.6 million.
When the domestic and regional travel resumed during the second quarter of the 2020/ 21 financial year, the Group opened a strategic mix of camps and lodges. The company also stated that a comprehensive domestic, regional and international marketing plan was put in place to support these openings. “International travel resumed in the first quarter of the 2021/ 22 financial year with occupancies forecast to steadily increase, albeit from a low base, through the second quarter. Forward bookings are strong for the 2022/ 23 financial year.”
The group highlighted that its current overdraft of P25 million has been extended with banks on favourable terms, and had negotiated a further USD 1.5 million standby loan with a flexible settlement terms and preferable cost implications to the bottom line.
Chobe Holdings Limited provides travel and tourism services headquartered in Gaborone. It owns and operates Caprivi Strip in Namibia with a combined capacity of 314 beds, and 11 eco- tourism lodges and camps on leased land in Northern Botswana under the brand names of Desert & Delta Safaris and Ker & Downey Botswana. Chobe operates through its subsidiaries such as Chobe Game Lodge ( Pty) Ltd, Chobe Explorations ( Pty) Ltd, Chobe Properties ( PTY) LTD, Chobe Farms ( Pty) LTD and Kazungula Aqua Culture ( PTY) LTD, among others. It also provides air transport services and reservation services to the group through its subsidiaries. The company also has interests in agricultural operations, property rental and a reservation service.