Kenya: East African Portland Cement’s sales revenue fell by 19% year-on-year to US$35.9m in 2016 from US$44.6m in 2015. It made a loss of US$5.15m compared to a loss of US$7.19m in 2015, according to Reuters. It said that sales volumes had fallen by 17% in 2016 due to a ‘change in the competitive landscape’ and that this had caused the fall in revenue. However, it added that it had cut its administrative expenses by 9% due to on-going cost management initiatives. Looking forward the company said that, as it expected cement supply to be higher than demand in the near term, it would focus on cutting costs.
East African Portland Cement’s revenue drops by 19% to US$35.9m
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