Home Business Home Afrika reports KSh95 million pretax loss in the first six months of 2019

Home Afrika reports KSh95 million pretax loss in the first six months of 2019

by kenya-tribune
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Home Afrika has recently released its half-year results for the period ended 30th June 2019. Home Afrika reported a 3 percent drop in revenue to Ksh103.26 million from Ksh106.72 million in the first half of 2018.

Home Afrika reported an operating loss of KSh58.055 million compared to KSh84.917 million in the first half of 2018, a 31.6% improvement. The pretax loss for June 2019 was Ksh 94.632 million a 31.6% decrease from the KSh138.431 million loss before tax reported in the previous year.

Home Afrika has a long term project, The Migaa Golf Estate project. The project is expected to realize its profitability by the end of 3 to 4 years. The project according to the accounting policy will be carried out as current liabilities in the balance sheet as deferred income.

The book value of the group’s sellable land and other inventory was reported to be at Ksh3.7 billion in 2019. There is a continuation of investments in the infrastructure of various projects that will increase the market value of the land.

The firm’s directors did not recommend a dividend payout.

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