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Limuru Tea pre-tax profit falls 49pc on production slump

BUSINESS
By Reuters | August 19th 2015

Limuru Tea reported a 49 per cent drop in first-half pre-tax profit after dry weather led to a drop in tea production, but said its second half performance could improve due to better prices.

Pre-tax profit for the period to end-June fell to Sh5.2 million, the firm said yesterday, but said prices and the weather had improved during the second quarter.

"Quarter two of 2015 has witnessed improved prices. If this price trend persists, and the weather conditions keep improving, we expect the revenues in the second half to improve compared to 2014," the tea producer said in a statement.

Limuru Tea said production of black tea fell by 15 per cent to 321 tonnes in the first-half of this year compared with the same period a year ago. Revenue fell by 12 per cent to Sh42 million, the company said. A drought earlier this year hurt output in the world's top exporter of black tea, the regulator has said. The company said it would not pay dividend, similar to its stance for the first-half of 2014.

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