Kenya car retailer CMC first-half pretax profit drops 59 pct

NAIROBI, KENYA: Kenyan car retailer CMC Holdings posted a 59 percent drop in half-year pretax profit, blaming it on low demand in the period before the east African country's presidential elections in early March.

The firm, which has exclusive distribution rights for Ford in local and regional markets, said profit fell to 221 million shillings ($2.6 million) in the six months to March 31.