Overview: The above is an extract from the interim financial statements which have been prepared in accordance with the International Financial Reporting Standards (IFRS). The company has fully adopted the amendments to the International Accounting Standard (IAS) 41 - Agriculture and our permanent plantings are now classified under IAS 16 - property, plant and equipment as bearer plants to be depreciated over their expected useful life. This has resulted in the original reported profit before tax for the six month period to 30th June 2015 of Ksh 63.8 million being restated to Ksh 3.5 million. The loss before tax for the period under review is Ksh 51.6 million. This somewhat disappointing result has been mainly due to lower tea prices, lower livestock sales and the delay of macadamia sales due to awaiting completion of the cracking facility construction. To predict financial performance for the year is impossible at this stage with the irregularities of supply and demand together with exchange rates to contend with. The Directors do not recommend the payment of an Interim Dividend. BY ORDER OF THE BOARD K W TARPLEE CHAIRMAN 02 August 2016 |
