Declining revenues lower Sasini after-tax earnings by 61pc

Coffee and tea grower Sasini Ltd #ticker:SASN reported a 60.8 per cent drop in half year year net profit from Sh197.5 million to Sh77.3 million shillings on lower revenues.

In the first half of the financial year, the NSE-listed agricultural firm's revenue fell to Sh1.45 billion from Sh1.59 billion in a similar period last year.

The firm earlier this year moved to sell its restaurant chain, Sasini Coffee House, for Sh70 million but it is not clear whether the transaction is booked in its income statement.

READ: Sasini to dispose coffee chain in yet another asset sale

The company sought shareholders' approval to change name to Sasini Plc from Sasini Ltd.

The firm's stocks have been on a rally since the beginning of the year, closing at a high of Sh28 a share today.