Carbacid Limited has announced its results for the first quarter of 2018 which indicate gross profit margin reduced to 50.0 percent in contrast to 63.5 percent in first quarter 2017.
The Company’s turnover dropped by 6.4 percent y/y to Sh301.6 million which was caused by lower demand in local markets. Additionally, administrative expenses surged by 20.3 percent y/y to Sh 48.4 million.
The operating profit dropped by 24.5 percent y/y to Sh135.5 million followed by a 44.9 percent decline in operating margin in contrast to 55.7 percent recorded in 1H17. Furthermore, finance income surged 1.2 percent y/y to Sh76.2 million.
The Board did not recommend an interim dividend.