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Monday, April 24, 2023
Sasini of Kenya Falls to 1-Month Low on Profit, Tea-Price Drop
Sasini Ltd., a Kenyan tea and coffee producer, fell to its lowest price in a month after saying on Dec. 9 full-year profit declined 40 percent to 526 million shillings ($6.96 million) and tea prices fell from a record.
The stock lost 65 cents, or 8.5 percent, to 7 shillings, its lowest level since Nov. 9. A close at this price would represent the steepest fall since Jan. 30.
African tea prices fell 7.4 percent from a record at the world’s biggest auction of the leaves in Mombasa, Kenya, Africa Tea Brokers Ltd. said yesterday.
Tea output in the East African country fell 11 percent to 242.2 million kilograms in the first 10 months from the same period a year earlier, the Tea Board of Kenya said Nov. 23. Global tea production is expected to be lower than last year because of unfavorable weather in major growing countries, including Sri Lanka and Kenya, the board said Oct. 30.
To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net
Source:bloomberg.com/
The stock lost 65 cents, or 8.5 percent, to 7 shillings, its lowest level since Nov. 9. A close at this price would represent the steepest fall since Jan. 30.
African tea prices fell 7.4 percent from a record at the world’s biggest auction of the leaves in Mombasa, Kenya, Africa Tea Brokers Ltd. said yesterday.
Tea output in the East African country fell 11 percent to 242.2 million kilograms in the first 10 months from the same period a year earlier, the Tea Board of Kenya said Nov. 23. Global tea production is expected to be lower than last year because of unfavorable weather in major growing countries, including Sri Lanka and Kenya, the board said Oct. 30.
To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net
Source:bloomberg.com/
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