Kenya's East African Cables said on Tuesday that full-year pretax profit halved to 258.6 million shillings after a 203 million shilling charge related to its struggling Tanzanian unit.
The electrical cable and conductor maker had issued a profit warning in July saying its Tanzanian unit was haemorrhaging money.
This growth in sales and turnover did not translate to growth in profits substantially resulting from a once-off loss and restructuring costs recorded by our Tanzanian subsidiary, East African Cables said in a statement.
Turnover grew 28 percent to 3.6 billion shillings in 2010, while earnings per share dropped to 1.12 shilling from 1.52 shilling in the previous year.
The firm's board recommended a dividend of one shilling per share and a bonus issue of one share for every four held.
The results were released after markets were shut. East African Cables stock closed up 0.6 percent at 16.10 shillings.