Auditors cast doubt on East African Cables as losses widen to Sh662.8 million

Kenya Association of Manufacturers Chairlady Flora Mutahi (left) and East African Cables CEO Paul Muigai display a fake cable impounded by anti-counterfeit team in Nairobi. The firm’s losses widened by 13 per cent to Sh662.8 million last year. [Willis Awandu, Standard]

Auditors have expressed doubt over the ability of East African Cables to continue being in business after the company slid further into losses in the financial year ended December 31, 2017.

Audited financial statements, which have been released late after the company received approval from the regulator, show net losses widened by 13.8 per cent to Sh662.8 million during the period under review.