East African Cables says 2013 profit falls, plans higher exports
NAIROBI, March 17
NAIROBI, March 17 (Reuters) - Kenya's East African Cables posted a 22 percent fall in pretax profits in 2013 and the company said it was focusing increasingly on exports to offset weak domestic demand.
The electric cables manufacturer, which is controlled by infrastructure firm TransCentury, said on Monday that profit before tax dropped to 585.4 million shillings ($6.8 million).
"The group is focused on regional diversification and product development to expand its revenue base," the firm said in a statement, adding it would pay a total dividend of 1 shilling per share for the year.
The company said depressed economic activity in the first half of 2013 meant revenues edged only 5 percent higher. This was due to anxieties over the first presidential poll since the violence that followed a disputed vote in 2007, while world metal prices also declined during the year. ($1 = 86.5000 Kenyan Shillings) (Reporting by Richard Lough; Editing by Anthony Barker)
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