NAIROBI, April 2 Kenyan agricultural firm Kakuzi
posted a 26 percent drop in pretax profit last year to
479 million shillings ($5.62 million), hit by lower prices of
avocados and the sale of one of its tea subsidiaries.
The firm issued a profit warning last year, citing lower
prices of its export crops due to the economic problems in the
euro zone, the strengthening of the shilling against the euro
and the sale of a subsidiary tea firm, Siret.
"The profits ... are down on last year having been affected
by only eight months trading of Siret tea operations, the
prevailing strength of the exchange rate together with
relatively poor prices attained on avocados," Kakuzi said.
The sale of Siret was concluded last August.
Earnings per share fell 19.35 shillings from 28.06
shillings, Kakuzi said. It proposed a dividend of 3.75 shillings
per share, unchanged from the previous year.
Kakuzi said it had appointed Christopher Flowers as managing
director to replace Graham Mclean.
($1 = 85.3000 Kenyan shillings)
(Reporting by Duncan Miriri; Editing by Helen Massy-Beresford)