Eveready East Africa posted a loss for the six months to March, blaming its strategic move to exit some export markets, insecurity and a weaker local currency. The firm recorded a loss of Ksh17.7 million ($181,000) in the period from a pretax profit of Ksh44.8 million as sales dropped 18% to Ksh602.8 million, the company said in a statement yesterday.
Eveready said revenue declined as it had exited some markets that were unviable in the long term. Eveready said financing costs had increased as extra funds were needed for the closure of a battery manufacturing plant in the Rift Valley town of Nakuru. The company, which also sells products such as flashlights and razors, said in October it would rely on Energizer Inc’s factory in Egypt for battery supplies. It is diversifying into real estate and consumer goods manufacturing.
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