Kenya Power profits for the year ended June 30 2018 has dropped by 63 per cent on increased transmission and distribution costs.
The listed
power distributor
has reported Sh1.91 billion in profit down from Sh5.28 billion last year.
This comes barely a month after it issued profit warning, citing depressed economic environment, poor hydrological condition, prolonged election cycle, and delayed review of retail electricity tariffs.
The firm's pre-tax profits settled at Sh3.08 billion from Sh7.6 billion recorded in the previous financial year.
Kenya Power's share has been on a downward trend, moving from a high of Sh12 at the beginning of the year to Sh3.60 yesterday.
It was in the
2016
financial year that the firm reported Sh7.5 billion in profit.
