19th Mar 2014 11:41
LONDON (Alliance News) - Kakuzi Ltd Wednesday said its pretax profit halved in its full year 2013, with particular profit reductions in its Avocado and Tea operations during the period.
The Kenya-focused food and drink manufacturing company, listed in London and Nairobi, said its pretax profit fell 50% to KES239.3 million in 2013 from KES479.3 million in the previous year, as revenue fell 12% to KES1.38 billion from KES1.56 billion in 2012.
One pound buys about 144 Kenyan shillings.
Kakuzi also noted that it received a KES53.2 million payment on the sale of shares in a subsidiary during 2012, and its profit before fair value gains in biological assets, sale of shares in its subsidiary and income tax more than halved to KES143.0 million from KES362.4 million the previous year.
Kakuzi said the major impact on its profits resulted from its Avocado and Tea operations, both of which were significantly down on revenue and profit compared with 2012.
The company also recommended the payment of a first and final dividend equivalent to KES3.75 per share.
Kakuzi shares were down 13% to 30.50 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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