Debt write back lifts TransCentury to profitability

Listed Investment firm TransCentury’s net earnings for the six months through June jumped from a loss Sh676 million to a profit of Sh1.3 billion due to a write back of debt on bonds following a successful resolution with debtors.

TransCentury reached a settlement with its bondholders in March halving its principal debt to $40 million (Sh4.04 billion) just two days before the bond’s maturity date.

The investment group saw its revenues drop 21 per cent from Sh5.2 billion to Sh4.1 billion in the period under review.

The group said it is poised to report improved performance in the second half of the year on a growing order book in our power division which is East African Cables and a strong pipeline of engineering projects.

The company said it was broadening its markets to enhance capacity utilisation and improve efficiency.

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