Express Limited recently released its half-year results for the period ended 30th June 2019.
The company is actively engaged in real estate projects as they plan to discontinue its primary business of logistics services by the end of the financial year. Express limited main engagement was the provision of clearing and forwarding services for air and sea, warehousing, and logistics services.
The company’s revenues declined by 23 percent to KSh10.786 million compared to Ksh14.022 million reported in the first half of 2018.
Direct costs went down by 39 percent to KSh8.531m compared to KSh13.97m in the previous first half. The administrative expenses reduced by 33.44% from Ksh 17.3 million to Ksh 11.5 million.
The company reported a net loss of Ksh7.2 million compared to the previous first half-year of 2018 which reported a pretax loss of KSh22.5 million. The loss reduced by 68 percent. This reduction is attributed to cost rationalization especially with the direct costs and operating expenses.
