Kenyan car retailer CMC hit by higher costs and lost franchise

Newswire

NAIROBI, Jan 31 (Reuters) - Kenyan car retailer CMC Holdings on Friday posted a 14 percent drop in pretax profit to 199.85 million shillings ($2.32 million) in the year to Sept. 30. The company, which is the subject of an $86 million takeover offer by Dubai's Al Futtaim Group, blamed higher costs and staff expenses for the drop. Sales costs rose 6 percent to 9.78 billion shillings during the period, while an extra 85 million shillings went towards a backdated ...

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