AccessKenya’s half-year profits grow by 91 per cent

By JAMES ANYANZWA

Listed Internet service provider AccessKenya posted 91 per cent growth in pre-tax profit for the six months period ended June 30.

The firm that reported a full year loss of Sh7 million in 2010 however saw its revenues for the first half of this year decline.

It attributed the profitability to sustainable management of its foreign exchange exposure and prudent cost management.

Further, it said the increased profits were as a result of massive investment programmes over the recent years, particularly investment in local and international fibre networks.

The company whose profit before tax rose sharply to Sh76.53 million from Sh40.11 million in a similar period last year said revenues from corporate and residential internet connections significantly contributed to the growth in the bottom-line.

According to the company’s un-audited financial statements total revenues declined by three per cent to Sh852 million from Sh876 million over the same period last year.

"This increase has resulted from a continued movement of out Internet traffic onto our own networks together with restructuring of bandwidth," the firm said.