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East African Cables' 2012 pretax profit jumps 62 pct
February 25, 2013 / 1:15 PM / in 5 years

East African Cables' 2012 pretax profit jumps 62 pct

NAIROBI, Feb 25 (Reuters) - Kenya’s East African Cables posted a 62 percent jump in pretax profit last year to 753.4 million shillings ($8.6 million) as lower costs offset a drop in revenue.

The electric cables manufacturer is controlled by a Kenyan specialist infrastructure firm, TransCentury, which also manufactures transformers and switch gears.

Its revenue fell 12 percent to 4.3 billion shillings as a result of lower world metal prices, it said.

Finance costs, however, tumbled 80 percent to 22.1 million shillings, helped by lower interest rates in the second half of last year.

“The growth in earnings was driven by increased export sales, production efficiency, cost reduction, more stability in the regional currencies and improved profit from our subsidiary in Tanzania,” the company said on Monday.

Earnings per share climbed 66 percent to 1.74 shillings and the company declared a final dividend of 0.60 shillings per share in addition to an interim dividend of 0.40 shillings.

$1 = 87.6000 Kenyan shillings Reporting by Kevin Mwanza; Editing by Duncan Miriri and Mark Potter

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