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Eveready fires a profit warning

NAIROBI, Kenya, Nov 20 – Eveready East Africa (EA) has sounded a net profit warning to its shareholders for the full year ending September 30, 2013.

The battery maker projects a 25 percent drop in profits attributed to movement of the deferred tax and the associated effect on the net income for the fiscal year 2013.

“The company has noted that in its net profit for the year ended September 30, 2013 will be lower than those reported for the same period in 2012,” the statement from the firm on Tuesday indicated.

The company however remains profitable with the company’s performance against Key indicators such as revenue and profit from operations is above last year’s performance.

Eveready returned to full year profitability last year posting a net profit of Sh70 million compared to a loss of Sh123.9 million in the same period in 2011.

The profit was attributable to exchange rate gains and lower production costs. The company’s the share to investors last year stood at Sh1.85, which was below the IPO price of Sh9.50.

More shift towards electricity powered gadgets will likely negatively affect the company with more Kenyans getting connected to the national power grind.

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