By CONSTANT MUNDAMore by this AuthorFlame Tree Group profit for 12 months ended last December dropped by nearly three quarters, the Nairobi bourse listed company reported on Friday. It's net profit fell by 72.58 per cent to Sh39.75 million from Sh144.98 million a year earlier, the mid-sized manufacturer, which also distributes plastic water tanks, mobile toilets, cosmetics and snacks said in a statement. Profit warningThe firm had warned investors last December that profit would fall by at least 25 per cent year-on-year. “The company made significant provisions against receivables from supermarkets in Kenya that have been extremely slow to pay,” the firm said. “Effects of the interest rate capping continued to be felt across the market, with constrained credit from the Banks affecting the overall business environment.”

Source: Daily Nation April 20, 2018 10:41 UTC