East Africa’s investment firm Centum on Friday reported a pretax loss of Ksh 2.05 billion in the second half of the year attributed to the coronavirus pandemic-induced disruptions.
The company had posted Ksh 7.72 billion profit in a similar period last year.
East Africa’s investment firm Centum has posted Ksh 2.05 billion pretax loss in the first half of the company’s financial year from a Kes 7.72 billion profit the company posted in a similar period last year.
The company highly attributed the loss to the effects of the COVID-19 pandemic.
The firm said its other income for the period to the end of September, fell to Ksh 433.5 million from Ksh 12.4 billion shillings in the same period in 2019.
Its consolidated comprehensive income declined from Ksh 6.6 billion to a loss of Ksh 1.7 billion.
The Group indicated that In the period ended 30 September 2019, it recorded exceptional items including an investment income of Ksh 12.4 billion, being realized gain from the disposal of beverage assets as well as Ksh2.3 billion impairment provision on assets, primarily, Amu Power.
The Company’s after-tax profit improved from a loss of Ksh 1.6 billion to a profit of Ksh95 million. The Company also booked revaluation losses of KSh 1.4 Billion which contributed to a total loss of KSh 1.3 billion.
Total assets declined by Ksh 6 billion on account of the Ksh 4.1 billion net debt repayment and the revaluation losses.