RTG lost $800 000 following protests against Mphoko’s stay at Rainbow Towers

In an interview with NewsDay, RTG group chief executive officer, Tendai Madziwanyika said they lost $800 000 after booking cancellations, following protests led by Sten Zvorwadza against Vice-President Phelekezela Mphoko’s continued stay at Rainbow Towers.

The group’s loss amounted to $4,7 million following retrenchment and separation costs ($0,6 million) and impairment costs related to discontinued operations ($0,5 million). In 2015, the group suffered a loss of $29 000 while revenue in 2016 declined by 11% to $24,1 million in 2016. Madziwanyika also pointed out that the introduction of bond notes also affected them as companies started stopping travels to see where the economy was going.

More: NewsDay

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