East African cables Plc says that the projected earnings for the group for the year ending 31st December 2020 may fall by more than 25% compared to the earnings recorded in the year that ended on 31st December 2019.
The cable manufacturer with a presence throughout East Africa expects revenue to grow by 10% year on year.
According to the company, the negative impact of Covid19 on the economy has “reduced the chance for a more aggressive top line growth to match prior year performance.”
East African Cables signed a debt restructuring agreement with SBM bank in May this year that resulted in a reduction in the debt burden and lower monthly debt service payments.
See also: East African Cables Enters into a deal that could change its structure
