Eveready East Africa, has sunk deeper into losses posting Sh58.9 million loss for the six month period ended March 31, 2016.
According to Eveready, the fall in losses was due to a major drop in revenue resulting from the supply of carbon zinc and alkaline batteries. “We suffered a drop in revenue as a result of changes within our main global supplier of Carbon Zinc and Alkaline batteries,” said Jackson Mutua, Eveready Group Managing Director.
This half year loss saw Eveready’s earnings drop by a massive 373.6 per cent in its first financial half year, and effectively reversed the full year gains made in the previous period.
In its full year period, Eveready had slashed its losses by 56 per cent to Sh. 78 million from a loss of Sh. 178 million.
In the just ended half year period, the company was able to cut its operating costs by 13.6 per cent to Sh116.4 million. Nonetheless, Eveready’s borrowing rose by 977 per cent to Sh376 million from Sh34.9 million in the previous half-year period while total assets base fell to Sh. 1.26 billion from Sh1.5 billion.
On the Nairobi Securities Exchange (NSE), Eveready is currently trading at an average of Sh. 2.30 per share.
