May 30, 2014 / 6:51 AM / 4 years ago

Kenya tea producer Sasini issues profit warning

NAIROBI, May 30 (Reuters) - Kenyan tea and coffee producer Sasini issued a profit warning on Friday after its first half pretax profit slumped 86 percent on the back of falling tea prices and a decline in coffee output.

Its profit before tax fell to 40.7 million shillings($463,800) in the six months ended March.

“Poor rainfall in the first quarter restricted production volumes of coffee,” Sasini said in a statement. “Our tea division has however met its projected production targets ... but due to poor performance in the auction fell far below the target in price realisation.” ($1 = 87.7500 Kenyan Shillings) (Reporting by Richard Lough; Editing by Edmund Blair)

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