Kakuzi Regulatory News (KAKU)

6 Mar 2007 14:04

Kakuzi Ld06 March 2007 KAKUZI LIMITED ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 Shs'000 Shs'000 Sales 1,399,194 1,110,348Operating profit/ (loss) 253,143 (62,547)Finance costs (63,391) (49,535)Profit/ (loss) before income tax 189,752 (112,082)Income tax (expense)/ credit (56,701) 38,315Profit/ (loss) attributable to the members of Kakuzi Ltd 133,051 (73,767) Shs ShsBasic and diluted earnings/ (loss) per stock unit 6.79 (3.76) Shs'000 Shs'000Dividends: -Proposed final dividend for the year - - NOTES The above results are extracted from financial statements audited byPricewaterhouseCoopers, Certified Public Accountants, and on which anunqualified opinion has been given. Biological assets are measured at fair value less estimated point-of-sale costsin accordance with IAS 41, Agriculture. Included in the operating profit for2006 is a contribution of Sh 198.8 million (2005 (restated): Sh 25.9 million)arising from the changes in the fair value less estimated point-of-sale costsfor biological assets. Other principal factors contributing to the operating profit in 2006 were therecovery in the tea price and an excellent avocado performance. However thepineapple joint venture with Del Monte Kenya Limited is being wound down. The company receives the bulk of its income in foreign currencies, and thecontinuing strength of the shilling throughout the year had a severe impact onsales revenues measured in shillings. DIVIDEND The directors do not recommend the payment of a dividend for the year 2006(2005: nil). ANNUAL GENERAL MEETING The Annual General Meeting of the company will be held on Tuesday 22 May 2007 at12.00 noon at the Norfolk Hotel, Nairobi. BY ORDER OF THE BOARD DR T R FOWKES CHAIRMAN 6 MARCH 2007 This information is provided by RNS The company news service from the London Stock Exchange