Corporate News
Tea picking. Limuru Tea Company has issued a profit warning for the year
ended December, becoming the latest publicly traded firm to issue a
lower earnings alert. FILE PHOTO | NATION MEDIA GROUP
Limuru Tea Company has issued a profit
warning for the year ended December, becoming the latest publicly traded
firm to issue a lower earnings alert.
“The … company is expected to
record a decline of more than 25 per cent in the net profits
attributable to the shareholders of the company for the financial year
ended December 31, 2016 as compared with that for the same period ending
December 31, 2015,” Limuru said in a statement.
This
means the company is expecting a maximum net profit of Sh2.2 million in
the period compared to Sh3 million the year before.
Limuru’s expectation of lower earnings is driven by higher costs and lower valuation of its tea bushes.
Other
listed firms that have issued profit warnings include human and animal
feeds manufacturer Unga Group and Nairobi Securities Exchange.
A similar guidance was issued by Sanlam Kenya which later retracted it after reviewing its liabilities
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