[2008-10-13]  Pioneer Turnover Shrinks
PIONEER Corporation Africa (PCA) suffered a 20 percent decline in turnover in the first half of the year as the decade-long economic recession in Zimbabwe took its toll on the company's freight business, In a statement accompanying the Zimbabwe Stock Exchange-listed transport company's half-year results for the period ending June 30 2008, the Group said turnover had declined to $11,5 quadrillion despite the brisk business generated beyond the country's borders in Capacity in the freight operation declined to 30 percent from 50 percent in the comparative period last year."Local subsidiaries turnover (were) down by 20 percent mainly as a result of (the) downturn in the economy, particularly at Pioneer Clan Freight, which saw volumes decline by 30 percent, operating at 30 percent capacity against 50 percent in 2007," PCA said.PCA is one of the country's largest transport operators, accounting for a significant chunk of the cross border, local cargo and passenger transport markets.Its domestic passenger operations have been affected by the cancellations of contracts as companies cut down on costs to survive the biting economic crisis.
Zimbabwe has been hit by massive capital flight, company closures and downsizing of operations leaving demand for both cargo and passenger transport services severely subdued.
The group is however, anticipating a brighter future going forward, underpinned by cross border trucking.
the period under reviewPCA operates a passenger transport division, a trucking and logistics firm and a consolidation and courier service in Zimbabwe, Botswana and South Africa. The group said despite the decline in turnover in Zimbabwe, foreign subsidiaries' turnover had increased by 29 percent, overturning a loss during the comparative period last year to break even.

Source: Allafrica