Sasini Tea issues profit warning
03 June 2014, 08:22
Nairobi - Kenyan tea and coffee producer Sasini issued a profit warning on Friday after its first half pretax profit slumped 86 percent on the back of falling tea prices and a decline in coffee output.
Its profit before tax fell to 40.7 million shillings($463,800) in the six months ended March.
"Poor rainfall in the first quarter restricted production volumes of coffee," Sasini said in a statement. "Our tea division has however met its projected production targets ... but due to poor performance in the auction fell far below the target in price realisation."