NAIROBI: Kenyan oil marketer KenolKobil posted an 8.96 billion shilling ($105.66 million) pretax loss in 2012 from a 4.93 billion shilling profit the previous year, it said on Monday.
KenolKobil, which operates in several countries including Ethiopia, blamed volatile international oil prices and foreign exchange rates, high inflation and high lending rates for the results it termed "disappointing".
"The most significant impact on performance came from realised foreign exchange loss of 4.2 billion shillings during the year," KenolKobil said, citing hedging contracts entered in late 2011.
A takeover bid for the company by Switzerland-based Puma Energy, a subsidiary of Trafigura Beheer BV, fell through earlier this year after months of talks.
KenolKobil, which warned on profit in early March, said sales volumes fell by 21 percent during the period, adding that it was looking to cut costs this year.
It has already invited bids for some of its underperforming and non-performing assets to attain that goal, it said, but gave no further details. It added it was also considering options including taking on an investor or partnership to help secure growth.
The company did not recommend the payment of a dividend after it posted a loss per share of 4.27 shillings from earnings of 2.22 shillings.
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