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[2008-09-08] Kakuzi reports KES28m loss on reduced sales
Mr Terry Fowkes September 5, 2008: Listed agricultural company Kakuzi has announced a 60 per cent drop in its turnover to KES460mn for the six-month period to June and a subsequent loss before tax of KES27.8mn. Chairman Terry Fowkes attributed the performance to the termination of a canned pineapple contract with Del Monte Kenya, but says that avocado sales are likely to generate profits for the company.The losses attributable to equity holders in the half year period increased to KES38mn from KES23.3mn last year, giving a negative earnings per share return of negative KES1.94, compared to negative KES1.19 in a similar period last year. “We expect avocadoes to again generate profits in 2008, but these profits will eventually accrue during the second half of the year,” says Dr Fowkes in the statement.Kakuzi is a leading exporter of avocados, accounting for an estimated 75 per cent of Kenya’s total avocado exports to Europe.
