Slow construction activity deepens Athi River Mining half-year loss

A worker at an ARM Cement plant. file photo | nmg

What you need to know:

  • The publicly-traded cement maker has been in the red since 2015.
  • The firm says its net loss shot up 429 per cent to Sh1.41 billion.

ARM Cement #ticker:ARM, the sector's third largest player, on Friday reported half-year loss through June deepened more than four-fold on reduced sales, reflecting the impact of reduced construction activity on the industry.

The publicly-traded company, which has been in the red since 2015, said net loss shot up 428.53 per cent to Sh1.41 billion from Sh266.78 million in June 2016.

Revenue in the period plunged Sh1.32 billion, or 19.79 per cent, to Sh5.35 billion, the company said in a statement.

The country’s largest cement maker, Bamburi Cement #ticker:BAMB, last week reported a 36.21 per cent drop in net profit to Sh1.85 billion after turnover dipped 8.21 per cent to Sh17.54 billion.

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