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Access Kenya profits up

21 August 2013, 16:27

Nairobi -  Internet service provider AccessKenya on Wednesday posted a 84 percent rise in first-half pretax profit due to lower financing costs and said it expects a similar growth rate in the future.

Access Kenya, which is being bought by Nippon Telegraph and Telephone Corp's Dimension Data for $36 million, said financing costs fell 55 percent in the first six months of the year compared to the same period in 2012 as lending rates have fallen.

"Operating conditions remain competitive, but the group is expected to continue growing at a rate similar to that of H1 2013," the company said in a statement.

Profits rose to 161 million shillings on revenue up 6.3 percent to 1 billion shillings. Earnings per share increased 64 percent to 0.51 shillings per share.

Dimension Data offers data and networking services across 51 countries.

Earlier this month, AccessKenya shareholders and Kenya's Competition Authority approved Dimension Data's buyout.

- Reuters

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