Total Kenya's first-half pretax loss
Reuters reports that Oil marketer Total Kenya expects easing economic conditions to help it return to profit this year after oil price caps and a surge in financing costs sent it to a first-half pretax loss on Thursday.
The group, part of French oil major Total, posted a 282.8 million shilling pretax loss in the six months to June 30, against a 145.4 million shilling profit in the same period last year.
Total Kenya said that slowing inflation, a more stable Kenyan shilling and falling interest rates should boost the company in the second half, Reuters reported.
“Thanks to these developments and the implementation of action plans to control costs and develop non-fuel revenues, the management remains optimistic that gains will be realised in the second half of 2012 to bring the company back to profitability,” managing director Alexis Vovk said in a statement.