East African Portland Cement Sinks Further Into Losses
Tribulations facing the ailing East African Portland Cement seem to be far from over after the cement manufacturer announced further losses.
According to the announcement made by the company, its net loss for the six months to December 2017 stood at 969.6 million shillings, sinking further nearly four times.
The revenues dropped by 660 million shillings while the cost of sells went further down by five percent to 2.92 billion shillings attributing it to increase in prices of coal and electricity.
“Revenue declined by 18 per cent…due to slow market uptake on account of prolonged political activity which dampened investment decisions and thus slowed down economic activities,” EAPCC says in a statement Wednesday.
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