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 profit before tax for the period to 30 June 2017 was KSh105.5 million compared to a restated profit of KSh63.6 million for the same period last year. The 2016 half year profits have been restated due to changes in the Accounting Standards. During the period under review, tea profits were depressed due to lower volumes partly offset by better prices arising from dry weather conditions in quarter one. Avocado results are in line with last year's performance whilst macadamia results are affected by lower than expected yields. It is difficult, at present, to predict financial performance for the year with erratic supply and demand, climatic conditions together with exchange rates to contend with. The Directors do not recommend the payment of an Interim Dividend. BY ORDER OF THE BOARD G H MCLEAN CHAIRMAN 04 August 2017 |
