The performance reverses net earnings of Sh364.9 million a year earlier.
Eveready had issued a profit warning for the full year ending September.
Eveready’s sales fell 38 per cent to Sh149.7 million in the half year.
Battery distributor Eveready East Africa #ticker:EVRD returned to losses in the half year ended March on the absence of gains from a property disposal seen in the previous period.
The Nairobi Securities Exchange-listed firm made a net loss of Sh64.5 million in the review period, reversing net earnings of Sh364.9 million a year earlier when it benefitted from a Sh397.3 million gain from sale of its land in Nakuru.
The performance, which was also worsened by lower sales, has seen Eveready issue a profit warning for the full year ending September.
“The full year 2017 results contained a one off item relating to gain on the sale of assets. Therefore, a preliminary assessment of the projected financial results of the company for the financial year ending 30 September 2018 indicates that net earnings will be at least 25 per cent lower than that reported in the financial year ended 30 September 2017,” the company said in a statement Thursday.
Eveready’s sales fell 38 per cent to Sh149.7 million in the half year.
The company is importing and distributing various household goods including Turbo brand of batteries after losing distribution of Energizer dry cell battery brands.
The firm has cut its expenses significantly but this was not been enough to bring it to profitability.
