Bamburi confident on second-half turnaround

Kenya's Bamburi Cement reported a 12 per cent decline in pretax profit for the first six months of 2013 but is confident of a second-half turnaround in two of its core East African markets.

In the six months to the end of June 2013, the Lafarge Group company posted a pretax profit of KES3.270m (US$37.46m) as turnover fell 18 per cent YoY to KES15.8bn. These results came against a backdrop of uncertainty over an election in its domestic market of Kenya and a slowdown in export markets.

However, the company is positive on its outlook for the remainder of the year thanks to improving economic conditions in Kenya and Uganda, stating:  "We started seeing a significant turnaround in the markets of Kenya and Uganda with continued signs of an improving macro-economic environment in both countries." The Kenya-based company added that it is "strongly optimistic of a stronger second-half."