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Eveready East Africa Profit Falls 69% on Zinc, Counterfeit Cells

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Dec. 7 (Bloomberg) -- Eveready East Africa Ltd., a Kenyan dry-cell battery manufacturer, reported full-year profit fell 69 percent amid increased trade in counterfeit batteries.

Net income fell to 8.7 million shillings ($108,276) in the 12 months to Sept. 30, compared with 28.3 million shillings a year earlier, the Nairobi-based company said in a statement published in Nairobi-based Daily Nation.

Sales were little changed at 1.64 billion shillings compared to 1.65 billion shillings a year earlier, it said.

The earnings decline was caused by “illicit dry cells trade in the country, including sub-standard products and dumping, which continues to flourish,” the company said.

A 43 percent rise in the average price of zinc and depreciation of the Kenyan shilling in the second half of the year led to higher financing costs, Eveready East said.

Link to Company News:{EVRD KN <Equity> CN <GO>}

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Tim Smith at tsmith58@bloomberg.net