East African Cables' pretax profit edges up in first half
NAIROBI, July 16
NAIROBI, July 16 (Reuters) - East African Cables said on Wednesday its pretax profit inched up by 2 percent to 326.5 million shillings ($3.72 million) on the back of higher sales.
Revenue at the cable-maker jumped 17 percent due to higher volumes in new markets, the company said, without providing details of those markets.
The company said it expects to complete the modernisation of its factory in the Kenyan capital, at a cost of 600 million shillings, in November this year.
The factory upgrade will result in additional capacity and enable East African Cables to produce new products, the company said. ($1 = 87.7500 Kenyan Shillings) (Reporting by Duncan Miriri, editing by William Hardy)