NAIROBI, April 2 (Reuters) - Kenyan agricultural firm Kakuzi posted a 26 percent drop in pretax profit last year to 479 million shillings ($5.62 million), hit by lower prices of avocados and the sale of one of its tea subsidiaries.
The firm issued a profit warning last year,
citing lower prices of its export crops due to
the economic problems in the euro zone, the strengthening of the shilling against the euro and the sale of a subsidiary tea firm, Siret.
"The profits ... are down on last year having been affected by only eight months trading of Siret tea operations, the prevailing strength of the exchange rate together with relatively poor prices attained on avocados," Kakuzi said.
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