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LONDON (Alliance News) - Kakuzi Ltd Wednesday saw its profit fall in the half-year to the end of June, and said that whilst it would expect to see full-year profit at similar levels to the previous year under current conditions, "forecasting in a commercial agriculture environment is difficult."
The Kenya-focused food and drink manufacturing company posted a pretax profit of KES76.2 million, down from KES112.9 million, despite seeing sales rise to KES447.6 million from KES429.0 million.
It said that the major cause for its reduced products was lower tea prices in the first-half, and the increased cost charges to revenue on Macadamia, as early planted fields come to maturity. It noted that its balance sheet remains strong.
It has not recommended an interim dividend.
Shares in Kakuzi are untraded Wednesday; it last closed at 40.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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