News Column

Kenya firm's profit tumbles

August 29, 2014

NAIROBI: Kenyan property developer Home Afrika Ltd reported a 73 percent drop in first-half pretax profit to 68.2 million shillings (R8.2 billion) after costs rose, it said yesterday, sending its shares 3 percent lower.

Home Afrika said the second half of the year would see higher revenue and profitability due to new housing projects.

Although revenue had increased, costs rose faster in the period to the end of June.

The company's operating income also fell.

Cape Argus

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Source: Cape Argus (South Africa)

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