Kenya's ARM Cement reports pretax loss
Published by Joseph Green,
Editor
World Cement,
Kenya's ARM Cement posted a pretax loss of US$6.32 million for the nine months to September, citing losses related to the depreciation in regional currencies against the dollar.
The cement producer announced that revenue for the first nine months of 2015 rose 7% to 11.7 billion shillings, due to increased cement sales in Kenya and in Tanzania.
However, although demand for cement grew more than 10% during the period, the sharp depreciation of both the Kenyan and Tanzanian currencies in the same period has resulted in an unrealised exchange loss.
Kenya's shilling has lost about 12% against the dollar so far this year. Tanzania's shilling has lost nearly 20% of its value.
Edited from source by Joseph Green. Source: Reuters
Read the article online at: https://www.worldcement.com/africa-middle-east/30102015/kenya-arm-cement-reports-pretax-loss-884/
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