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Eveready 2013 Profit Dips By More Than Half

February 5, 2014

Constant Munda

BATTERY maker Eveready East Africa reported a 54.33 per cent slump in profit after tax to Sh45.4 million for the year ended September 30 from Sh70.1 million in the same period in 2012. The decline in profitability was largely driven by Sh41.96million the firm accrued in its business finance costs compared to the previous year's Sh817,000. Earnings from sales, according to a notice to the Nairobi Securities Exchange on Monday, were almost flat at Sh1.43 billion, a marginal growth of 3.89 per cent over Sh1.37 billion in September 2012 . Earnings per share over the review period also plunged to 22 cents a share from 33 cents a year earlier. The company had issued a profit warning on November 20 , last year, citing effects of movement in deferred tax. The company paid Sh60.4 million in taxes compared to Sh68.1 million in 2012 "The board notes that the company remains profitable and the company's performance against key indicators such as revenues and profit from operations is above last year's performance," Managing director Jackson Mutua said.

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Source: AllAfrica

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