Eveready East Africa Limited has reported its annual financial results for the year ended 30th September 2011. The battery maker has announced a loss of Kshs. 123,994,000, down Kshs. 132,697,000 from the previous period’s Kshs. 8,703,000 profit. This represents a 1524.7% drop in the profitability of the listed company.
The Nakuru-based company had turnover dip from Kshs. 1,635,106,000 in 2010 to Kshs. 1,374,847,000 in the year ended 30th September 2011. Profit before tax dropped from Kshs. 14,746,000 in 2010 to a loss position of Kshs. 129,501,000 while profits from operations dropped too from Kshs. 72,633,000 in the previous period to a negative Kshs. 43,707,000 position. Finance costs increased from Kshs. 57,887,000 to Kshs. 129,501,000, a 124% increase in the year.
The company attributes the loss to the depreciation in the local currency that resulted to a significant increase to cost of inputs and a Kshs. 87 million loss in foreign exchange losses, 90% of which was not realised at the year end, cost of setting up better waste management systems and spares.
The company has given notice of its 45th Annual General Meeting to be held at Menengai Hall, Merica Hotel located on Kenyatta Avenue on Thursday August 9th 2012 from 11am.