Kenya: Kenol Reports Rising Profits
|
|
|
|
Thursday, 09 April 2009 |
|
Kenya Oil Company posted 2008 pretax profit of 965 million shillings
($12 million) and said like-for-like operating profit rose 27 percent
from the same period a year earlier.
Kenol changed its reporting period to end December from end
September and included figures from Kobil Petroleum, which it bought in
December 2007, in its results from the start of 2008.
The company posted pretax profit of 1.88 billion shillings in the 15
months to December 2008, up from 876 million in the 12 months to end
September 2007.
It said financing costs eroded profits in 2008 after a 273 percent
increase during the year. 'Going forward, management will explore U.S.
dollar exchange exposure differently to avoid and reduce the high
unrealised exchange losses,' it said in a statement.
'Looking forward for the coming year, the company projects that oil
prices will not rally to level seen in the first half of 2008, at the
same time management believes that market had seen the lows for the
year,' it said.
'The group will continue to focus on expansion and growth
opportunities, while setting new targets in the area of cost saving,
among them is to substantially reduce financing and other overhead
costs.'
PetrolWorld 030409
$1=80.11 Kenyan Shilling
|
