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Notice: Trying to access array offset on value of type int in element_children() (line 6595 of /home3/alkhabar/public_html/includes/common.inc).
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Notice: Trying to access array offset on value of type int in element_children() (line 6595 of /home3/alkhabar/public_html/includes/common.inc).
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Notice: Trying to access array offset on value of type int in element_children() (line 6595 of /home3/alkhabar/public_html/includes/common.inc).
Notice: Trying to access array offset on value of type int in element_children() (line 6595 of /home3/alkhabar/public_html/includes/common.inc).
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Total Kenya Swings Back To Profit In First Half

The logo of French oil company Total is pictured during the company's 2012 annual result presentation in Paris February 13, 2013. PHOTO BY REUTERS/Philippe Wojazer.

28/08/2013

NAIROBI (Reuters) - Fuel marketer Total Kenya swung back to profit in the first six month of this year helped by tumbling financing costs, it said on Wednesday.

The group, part of French oil major Total, posted a 757 million shilling pretax profit, compared with a loss of 283 million for the same period in 2012.

Financing costs plummeted 87 percent to 154.6 million shillings after the sale of 5.2 billion shillings worth of preference shares reduced borrowing from commercial banks.

Turnover increased by 42 percent to 65.8 billion shillings, but the gain was almost wiped out by a 44 percent jump in cost of sales to 56.9 billion shillings.

The company said it expected to extend the positive results into the second half of the year.

Its share price has rallied 24 percent so far this year to 16.80 shillings on Tuesday, more than double the 11 percent rise in the benchmark NSE-20 share index.