TSL Holdings’ volumes for the third quarter to July 31, 2020 was depressed due to the impact of the COVID-19 pandemic.

Most of the group’s subsidiaries showed weaker numbers during the period under review.

Independent auction volumes at Tobacco Sales Floor (TSF) at 5.7 million kgs were 73 percent below prior year due to lower tobacco output for the latest season.

Contracted volumes handled for tobacco merchants at 7.9 million kgs are 45 percent below the same period last year.

And volumes at Propak Hessian were down 21 percent due to the later start of the tobacco selling season and the decline in national tobacco crop.

“Procurement of hessian for the coming season is at an advanced stage, cognizant of likely disruptions in the supply chain. The foreign exchange auction market has eased the sourcing of currency,” said TSL management.

The group’s Agricura subsidiary recorded growth in market share and volumes across most product lines, largely attributable to product availability and more attractive pricing on locally manufactured products.

On a positive note the farming operations, tobacco yields were “satisfactory”.

“Approximately two thirds of the crop had been sold and pricing was marginally lower than in prior year. Due to low dam water levels, the winter wheat programme was scaled back and water rationing was undertaken on the banana plantation,” said TSL.

“The business has opted not to sell the harvested maize and soya bean in the current period.”

The logistics operations saw tobacco handling volumes slide 4 percent from prior year due to the later start of the tobacco selling season and delays in tobacco processing.

However, the group’s distribution division recorded significant growth in volumes as new customers were secured.

Volumes in the ports segment declined by 37 percent, due to generally slower movement of both imports and exports owing to the Covid-19 pandemic.

Handling volumes at Premier Forklifts were 18 percent below prior year due to the delayed start of tobacco processing.

Forklift sales were also depressed during the period under review “as most customers held back on capital projects under lockdown,” said TSL.

Volumes in the freight forwarding and customs clearing business were depressed as imports by the customer base remained subdued.

Avis’ rental days were 39 percent below prior year as the business was significantly affected by the ban on both local and international travel.