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Uchumi narrows losses as auditors issue qualified opinion

JULIUS KIPNG’ETICH, UCHUMI SUPERMARKETS CEO. FILE PHOTO | NMG
JULIUS KIPNG’ETICH, UCHUMI SUPERMARKETS CEO. FILE PHOTO | NMG 

Uchumi Supermarkets #ticker:UCHM posted a 39 per cent improvement in its loss position in the financial year ended June in what it termed as “improved cost management”.

The retailer recorded a Sh1.7 billion loss after tax during the year, compared to a Sh2.8 billion in the previous year. Its net sales dropped 60 per cent to Sh2.6 billion.

“Despite the suppressed business in the current and past financial year, the company recorded improved margins,” Uchumi said in a statement published on Wednesday.

Qualified audit

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