TransCentury Ltd., a Kenyan investor in infrastructure projects, fell the most in six months after full-year earnings missed some analysts’ forecasts.
The stock retreated as much as 7.5 percent and closed 5.4 percent lower at 34.75 shillings in Nairobi, the capital, the largest decline since Oct. 16. The volume of shares traded was about 36 percent of the three-month daily average.
Net income in the 12 months through December rose to 740.6 million shillings ($8.8 million) from 616.1 million shillings a year earlier. Sales grew 26 percent to 13.5 billion shillings, the company said yesterday. The amount of tax paid increased to 490.4 million shillings from 253.2 million shillings.
“They paid a lot of tax so net profit was a little bit softer than what the market expected,” Davis Mika, an analyst at Nairobi-based Contrarian Investing Kenya Ltd., said by phone. Mika estimated 2012 net income of 750 million shillings.
In the year to date TransCentury has surged 48 percent while the All-Share Index has gained 29 percent in that period, according to data compiled by Bloomberg.