Express Kenya Ltd has posted a half-year profit of 89.36 million shillings through the sale of company assets which has protected the logistics company from reporting a loss for the six month period.

In a statement published in today’s local dailies the company has said that this profit is “…attributed mainly to gain in disposal of property”, going on to say that “If the gain (from sold property) is isolated, the company would have made a loss of Kshs. 76.186 million for the period.”

The company’s assets have declined to 593.53 million shillings from just under 1 billion shillings one year ago, giving further evidence that it has been disposing assets to remain afloat. Meanwhile, income from other sources apart from the company’s core logistics business has increased by more than 700% since June last year.

Express Kenya has reportedly been struggling financially since losing a lucrative EABL distribution contract to DHL in 2010. EABL was one of Express Kenya’s biggest clients. Last month the company issued a profit warning for 2011 full year results where it made a 222.35 million loss from a KES 14.87 million loss in 2010.

On the back of such losses, Express has this year been restructuring its business model from logistics to “hiring out its trucks and workshop.” as read in today’s earnings statement. This switch in the company’s mode of business led to the retrenchment of more than 60 workers in April this year according to a news report in Kenya Central.

Express Kenya had released incomplete half-year earnings on Thursday leading Pesatalk to question their accuracy. The unaudited statements published today now show that Thursday’s release had omitted to show the company’s operating profit and finance costs for the six months.

Thursday’s earnings were released through the Nairobi Securities Exchange which is the regulating body for listed companies in Kenya. Express Kenya is a publicly listed company whose shares hit one of their lowest prices of this year at 3.55 shillings per share on Thursday. The shares gained 5 cents on Friday to 3.60 shillings per share.