Total Kenya Declines First Day in Three on Loss: Nairobi Mover
Total Kenya Ltd. (TKNL) fell as much as 6 percent and traded 4.1 percent lower at 15.3 shillings as of the 3 p.m. close in Nairobi.
The Nairobi-based company had a net loss of 71.4 million shillings ($861,000) compared with a profit of 916.2 million shillings a year earlier, according to an e-mailed statement from the Nairobi Securities Exchange today. Revenue rose 33 percent to 105.6 billion shillings, it said.
“The usual challenges facing the oil industry such as supply chain inefficiencies and price controls continue to impact our performance,” the company said. Cost of sales rose 49 percent, it said.
The Kenyan government sets motor fuel and kerosene prices once a month.
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