27 Aug 2008 09:04
| KAKUZI LIMITED | |||||
| EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS | |||||
| FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2008 | |||||
| AND DIVIDEND ANNOUNCEMENT | |||||
| The unaudited results for the Kakuzi Group for the period of six months to 30 June 2008 and the comparative | |||||
| figures for the previous year are as follows: - | |||||
| 30 June 2008 | 30 June 2007 | ||||
| Shs'000 | Shs'000 | ||||
| Turnover | 460,830 | 736,057 | |||
| Operating loss | (2,214) | (593) | |||
| Finance costs | (25,630) | (27,132) | |||
| Loss before income tax | (27,844) | (27,725) | |||
| Income tax (expense)/credit | (5,127) | 4,369 | |||
| Loss for the period (of which Shs (54,109,000) | |||||
| has been dealt with in the accounts of the company) | (32,971) | (23,356) | |||
| (Loss)/profit attributable to: | |||||
| Equity holders of the company | (38,044) | (23,356) | |||
| Minority interest | 5,073 | - | |||
| Loss per share attributable to equity holders of | |||||
| the company: | Shs | Shs | |||
| Basic and diluted loss per stock unit | (1.94) | (1.19) | |||
The Interim Financial Statements have been prepared in accordance with International Financial Reporting Standards including IAS 41 - Agriculture.
During the first six months of the year Kakuzi's tea, pineapple and livestock operations made useful contributions. Turnover was down in relation to 2007 due to the exceptional tea crop last year and the winding down of the Del Monte Kenya Limited canned pineapple joint venture. We expect avocados to again generate profits in 2008, but these profits will essentially accrue during the second half of the year.
In view of the loss we are reporting for the first six months of the year, the Directors do not recommend the payment of an interim dividend.
Dr. T R Fowkes
Chairman
26 August 2008
Kakuzi (KAKU)