East African Cables manufacturing plant in Industrial Area. FILE PHOTO | DIANA NGILA
By REUTERS
In Summary
- The firm however said that a strong order book due to booming energy and construction projects in the region could help improve its performance.
Cables manufacturer East African Cables reported
a net loss of Sh741 million for 2015 Wednesday, but said a strong order
book due to booming energy and construction projects in the region
could help improve its performance.
The firm, which makes cables for the utility and telecoms
industries and households, said disruptions to output as it upgrades a
factory in Kenya, as well as foreign exchange losses and depressed
demand due to political uncertainty all hurt its performance for the
year.
It posted a net profit of Sh341 million in 2014. Revenue dropped to Sh3.7 billion from Sh5 billion in 2014, the company said.
"The Group opened the year with a strong order book
spurred by the developments in the energy and construction sectors in
the region. Positively, the expanded factory provides us with the
opportunity to serve the regional economies more efficiently and give
value to stakeholders," it said in a statement.
It posted a loss per share of Sh2.21 from positive Sh1.16 in 2014.
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