Atlas Africa Industries made a net loss of Sh3.42 billion loss for the 18 months ended December 2015. The huge loss was blamed on the closure of its Kenyan business.
“For the period under review we are reporting losses of $34.2m (of which $19.4 million relates to discontinued operations). As shareholders will recognise, the company was greatly impacted by the sector dynamics as well as significant bad debts within its operating subsidiaries,” said Atlas chairman Ian Mann in statement.
During the year ending June 30, 2015, Atlas reported a net loss of Sh1 billion, mainly attributed to cancelled service contracts for oil and gas companies operating in Kenya.
In 2014, it reported a net loss of Sh147 million that was followed by a Sh609 million loss for the half year period to December 2014.
