Uchumi Supermarket’s half year loss has widened. The retailer has posted a half year loss of Sh. 895.1 million. This is a 63.5 per cent rise from the net loss of Sh. 547.3 million it made in the same period the year before.
Turnover declined 71.4 per cent to Sh. 526.9 million. Administrative expenses fell 15.5 per cent to Sh1 billion.
Uchumi has been struggling to find an investor who will spearhead its revival. Private equity firm Kuramo Capital, which had been approached by Uchumi to inject Sh3.5 billion, pulled out and the retailer says it is now in talks with another investor from Asia.
“The management continues to work closely with the board in the implementation of a re-structure strategy aimed at returning the organisation to a positive and sustainable EBITDA position,” the company said in a statement Thursday.
