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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."

- Reuters


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