By KEVIN MWANZAMore by this AuthorUchumi Supermarkets #ticker:UCHM posted a 39 per cent improvement in its loss position in the financial year ended June in what it termed as “improved cost management”. The retailer recorded a Sh1.7 billion loss after tax during the year, compared to a Sh2.8 billion in the previous year. “Despite the suppressed business in the current and past financial year, the company recorded improved margins,” Uchumi said in a statement published on Wednesday. There were also asset write-offs during the financial year that made it difficult to compare the two years, the auditors said in their opinion. The struggling listed retailer postponed announcement of its full year results by over a month in what it said was “to allow the company enough time to finalise aspects of the audit process with lenders and the government”.

Source: Daily Nation November 15, 2017 10:52 UTC