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Limuru Tea H1 profit falls YOY

Limuru Tea PLC said its normalized net income for the first half was 1.35 Kenyan shillings per share, a decline of 51.8% from 2.81 shillings per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.3 million shillings, a decrease of 51.8% from 6.7 million shillings in the year-earlier period.

Total revenue fell 11.6% on an annual basis to 42.4 million shillings from 47.9 million shillings, and total operating expenses came to 37.2 million shillings, compared with 37.2 million shillings in the prior-year period.

Reported net income declined 51.8% from the prior-year period to 3.6 million shillings, or 1.52 shillings per share, from 7.6 million shillings, or 3.15 shillings per share.

As of Aug. 14, US$1 was equivalent to 102.48 Kenyan shillings.