Bamburi Reports Profit Dip
Aug 08, 2003
Bamburi, the major shareholders of Hima Cement, reported a dip in profits for the first half of this year.
By Emmy Olaki
Bamburi, the major shareholders of Hima Cement, reported a dip in profits for the first half of this year.
Didier Tresarrieu, Bamburi Cement managing director said last week, poor operating conditions especially unreliable power supply adversely affected operations in both Kenya and Uganda.
He said there was a 5% improvement in turnover from $63.8m in the same period last year to $66.6 this year. However profits dropped from $13.7m to $11.5m over the same period.
Tresarrieu was announcing the unaudited group results of Bamburi Cement.
“Uganda’s market growth is within expectations, and we have completed major maintenance works at the Hima plant, which will see the Group realise its production targets in Uganda,†he said.
Tresarrieu said the Group had taken action in July to regain market share and it was anticipated that improved working conditions in the second half of the year would yield better results.
“However, the group does not anticipate significant changes in market growth during this period because major infrastructure projects will take time to launch,†he said.Ends
Bamburi, the major shareholders of Hima Cement, reported a dip in profits for the first half of this year.
Didier Tresarrieu, Bamburi Cement managing director said last week, poor operating conditions especially unreliable power supply adversely affected operations in both Kenya and Uganda.
He said there was a 5% improvement in turnover from $63.8m in the same period last year to $66.6 this year. However profits dropped from $13.7m to $11.5m over the same period.
Tresarrieu was announcing the unaudited group results of Bamburi Cement.
“Uganda’s market growth is within expectations, and we have completed major maintenance works at the Hima plant, which will see the Group realise its production targets in Uganda,†he said.
Tresarrieu said the Group had taken action in July to regain market share and it was anticipated that improved working conditions in the second half of the year would yield better results.
“However, the group does not anticipate significant changes in market growth during this period because major infrastructure projects will take time to launch,†he said.Ends