| Published Tue, June 5th 2018 at 10:50, Updated June 5th 2018 at 10:57 GMT +3ARM Cement’s independent auditor has cast doubt on the company’s survival as a going concern after losses mounted last year. The company, Kenya’s second-largest cement maker behind LafargeHolcim’s Bamburi Cement, sunk into losses in recent years after financing costs associated with an expansion drive weighed it down. Its pretax loss nearly doubled to 7.52 billion shillings ($74.75 million) last year from 3.97 billion shillings, after slower sales hit its revenue, it said in a statement seen by Reuters on Tuesday. The auditor cited the wider loss for last year, the group’s current liabilities exceeding its current assets by 13.47 billion shillings, its accumulated losses and its historical performance. In the report, the auditor declined to offer an opinion on ARM Cement’s financial statements for last year.

Source: Standard Digital June 05, 2018 07:52 UTC