TransCentury narrows first half loss, expects better H2
What you need to know:
TransCentury, founded as an investment club in 1997 by a group of wealthy Kenyans, said a construction boom driven by infrastructure projects in the region will help improve its performance.
TransCentury Ltd said on Wednesday it had narrowed its first-half loss to Sh646.3 million from a Sh1.53 billion loss in the same period a year earlier, and said it expected a better second-half performance.
The company said in a statement it attributed the loss to interruptions caused by refurbishment on its copper factory and the weakening of the local currency.
In the year to date, Kenya's shilling has lost 13 per cent so far this year against the dollar.
It said revenue rose 5 per cent to Sh5.21 billion, supported by construction projects started in the first quarter of the year by its engineering division.
"The outlook is positive for our core businesses with a strong pipeline of engineering projects now underway and a growing order book in our power division which will improve performance in the second half of the year," the company said.
TransCentury, founded as an investment club in 1997 by a group of wealthy Kenyans, said a construction boom driven by infrastructure projects in the region will help improve its performance.
"The demand for our power products also remains high and is expected to significantly increase with new government policies and measures on local content in the energy sector," the company said.
TransCentury's loss per share narrowed to Sh2.16 from a Sh5.92 loss a year earlier.
