Tea firms warn of poor annual earnings after prices dip

Local tea firms Williamson Tea and peer Kapchorua yesterday reported weaker first-half pre-tax profits, and both said falling tea prices would reduce their respective full-year earnings by at least a quarter.

Williamson Tea, which shares owners with Kapchorua, said its pre-tax profit fell by 54 per cent to Sh240 million ($2.66 million), while that of Kapchorua fell 38 per cent to Sh68 million for the first half to the end of September.