Listed investment firm, Transcentury, has cut its loss making by 34.1 percent according to financial results for half year 2018.
Loss for the period dropped to Sh684.8 million from Sh1.04 billion reported in a similar period in 2017, the results sent to Nairobi Securities Exchange (NSE) today show.
Transcentury said in a commentary accompanying the results that the drop in loss making was a result of gross profit margin improvement from 14 percent in 2017 to 27 percent in the period under review and 20 percent reduction in operating costs, saving Sh169 million.
The firm also highlighted traction in its turn-around strategy with Sh74 million profits from operations (EBITDA) compared to loss of Sh441 million reported in a similar period last year and positive cash generated from operations of Sh217 million resulting from improved performance and focused working capital management.
The firm said the completion of company debt restructuring in the second quarter resulted in reduction of finance cost by Sh48 million at Company level, and overall drop of 12 percent at Group level.
