he directors have proposed a right issue through the Nairobi Stock Exchange expected to realize
Ksh 1.5 billion which should be subsequently injected in the business operation.
The consolidated financial statements of the company are as shown below:
Consolidated Profit and Loss Account
Year ended 30 June 2008
2008 2007
Shs’000 Shs’ 000
Sales 7,962,986 8.900,858
Cost of sales (6,814,950) (7,452,417)
Gross profit 1,148,036 1,448,441
Other operating income and expense 232,896 162,630
Operating costs (2,010,617) (1,778,936)
Operating loss (629,685) (167,865)
Finance costs (24,673) (78,167)
Loss before tax (654,358) (246,032)
Tax (charge)/credit (44,553) 49,463
Net loss (698,911) (196,569)
Shs Shs.
Loss per share (basic and diluted) (11.65) (3.28)
Consolidated Balance Sheet
Year ended 30 June 2008
2008 2007
Shs’000 Shs’000
Capital employed
Share capital 300,000 300,000
Share premium 129,452 129,452
Revaluation reserve 178,652 101,946
Translation reserves (12,042) 841
Accumulated losses (486,097) 169,602
Shareholders’ funds 109,965 701,841
Non-current liabilities
Borrowings 416,308 –
526,273 701,841
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