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.
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.