Struggling property developer Home Afrika has slashed its full year losses by 58 per cent to Sh. 168.5 million net loss.
This is after the real estate firm reduced its operating costs amidst falling revenues.
Its revenues for the 12 months to December went down by 15 per cent to Sh.222 million.
Home Afrika recorded operating expenses of Sh. 152.1 million, a sharp decline from the previous year’s Sh. 349.9 million bill. It’s cost of sales also dropped 31 per cent to Sh.160 million.
“The group improved the percentage of completion, especially at its Migaa Golf Estate project, to 43.16 per cent in 2016 from 40 per cent in 2015,” the firm said in a statement.
