East African Portland Cement posts after tax loss of 1.5Bn from a profit of 4.1Bn in 2016

East African Portland Cement, a Kenyan based construction company specializing in the manufacturing and selling of cement and cement related products has released its results for the period ended 30th June 2017.

Highlights;

Loss after tax of Sh 1.5Billion from a profit of 4.1 Billion in 2016.

Revenue fell by 22% to Sh 6.9 Billion from Sh 8.87 Billion posted in the previous year. The company said the decline in revenues was as a result of “production challenges and downward pressure on retail prices” on the back of excess supply.

Cost of sales also declined by 15% to Sh6.2 Billion.

Loss from operating activities declined slightly from Sh 1.6 Billion to Sh 1.3 Billion.

Finance costs unchanged at Sh 617 Million.

Cash and cash equivalents up by 30% to Sh 1.9 Billion.