12th Aug 2015 08:27
LONDON (Alliance News) - Kenya-focused food manufacturing company Kakuzi Ltd Wednesday posted a fall in pretax profit for its first half, and said it is "difficult" to give prospects for the full year.
For the half year to end-June the company posted a pretax profit of KES63.9 million, equivalent to GBP405,740 at current exchange rates, down from KES76.2 million a year before, equivalent to GBP484,284. This was on sales of KES420.2 million, or GBP2.7 million, down from KES447.6 million, or GBP2.8 million.
Kakuzi attributed the fall in profit to the later than normal start to its avocado season due to drought conditions early in the year. The company's tea and macadamia operations both performed better than in the previous year.
"It is difficult at present to give prospects for the year with such matters as exchange rates and interest rates showing volatility and the economic situation in Europe remains very fragile. Our cash and investment position remain strong," Kakuzi said in a statement.
It did not propose an interim dividend.
Shares in Kakuzi were untraded Wednesday morning. It last closed at 40.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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