Agricultural firm Limuru Tea reported a 42 per cent drop in first-half pretax profit and forecast lower revenue in the second half of the year, blaming weaker tea prices for both declines. Kenya is the world's leading black tea exporter, and the crop is a major foreign exchange earner alongside horticulture, remittances and tourism. Increased production due to favourable weather this term has dented prices sharply, the company said in a statement. Pretax profit fell to Sh10.8 million after revenue fell by 18 per cent to Sh48 million. Prices for the six months to the end of June declined by 19...
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