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Kenya Power 2012-13 pre-tax profit drops

11 October 2013, 19:38

Nairobi - Kenya Power has posted a loss of in profit of Sh2.08 billion before tax from 2013 compared to last year. The company made Sh6.42 billion this year in comparison to Sh8.5 billion recorded in the previous year, Capital FM reports.

The financial loss comes despite the company recording a 12.61 percent growth in operating profit due to high finance costs.

Chief Executive Officer Ben Chumo stated the reasoning behind the financing cost rise was due to the additional medium and short term loans sourced that were needed in order to fund capital investments and supplement in-house generated funds needed for network expansion and system reinforcement.

For more on this story, visit Capital FM.


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