Nairobi, May 1 -- Car & General (C&G) made a net loss of Sh273.6 million in the 15 months ended December 2023, reversing a net income of Sh679.4 million in the 12 months to September 2022.

The latest results, which come after the company changed its financial year to end of December, showed the impact of foreign exchange losses and demurrage costs.

The Nairobi Securities Exchange-listed firm said Tuesday the weakening of the shilling in Kenya and Tanzania by 27 percent and eight percent respectively against the dollar hit it with a Sh645 million forex loss during the review period.

The forex losses, added to Sh181 million demurrage and storage charges in Tanzania, hit C&G with a combined exceptional cost of Sh826 million.

"The Tanzani...