Published: 02 October 2013

CONGLOMERATE, Phoenix Consolidated Industries Limited, is on course to break even for the year ending October 31 2013 after significantly reducing its $2,5 million debt.Francis Rodrigues said the level and cost of borrowings had affected the group's performance especially during the first half of the year. After coming up with measure to reduce the debt the company is expecting to break even during the year ending October 31 this year.

Phoenix Consolidated is a broad-based group of manufacturing industries. The company's subsidiaries are Scandia Steel Wire, William Smith and Gourock, John W Searcy and Phoenix Brushware. Phoenix's major customers include supermarkets, hardwares, urban and rural councils, industries aligned to mining, agriculture and construction. The company also exports to South Africa, Zambia and Malawi.

"We have had a tough first-half despite the fact that it is usually a quiet period for us," Rodrigues said. During the second half of the year, Phoenix benefitted from temporary infrastructure required during the run up to the July 31 elections, road network maintenance, rehabilitation of water purification and sewerage plants and re-fencing of farms.

"Going forward, our main aim is to look for long-term funding at lower interest rates to reduce costs," Rodrigues added.
- Big Law IR