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Kakuzi half-year pretax profit dips

26 August 2013, 11:09

Nairobi - Kenyan agricultural firm Kakuzi posted a 3 percent dip in pretax profit for the six months ended June to 113 million shillings, partly due to lower earnings from tea.

The company, which also grows pineapples and avocados and rears livestock, said its performance in the second half of the year could be affected by increased competition in markets in Europe.

"Profit levels are lower on the tea operation primarily driven by lower prices," Kakuzi said in a statement.

"Demand continues for our export crops but downward pricing pressure is unprecedented due to supply competition trends particularly in Europe," it added.

It said earnings per share fell to 3.94 shillings from 4.46 shillings in first half 2012, and recommended no interim dividend be paid.

- Reuters

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