Troubled cement manufacturer Portland Cement ha reported a six-month loss of Sh. 248 million.
In 2015, the company had posted a net loss of Sh528 million.
Revenue realized by the company declined by 19 per cent to Sh4.6 billion compared to Sh3.7 billion last year. According to the company, this declined was facilitated by a reduction in sales volumes.
“Revenue declined by 19 per cent over the same period last year due to reduction is sales volume by 17 per cent as a result of changes in the competitive landscape,” said Portland.
Auditor-General Edward Ouko flagged the firm’s financial returns that showed Sh1.5 billion in operating loss, the amount being thrice the Sh608 million recorded in a similar period the previous year.
