Shipping firm Bollore Africa Logistics sees net profit plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year, the company said.

Turnover was 38.07 billion CFA, compared with 41.50 billion CFA francs the previous year, the company said in a statement on the West African bourse.

“Events that generated supplementary costs disturbed our business and caused a loss of productivity,” Bollore said.

It said the problems included costs associated with a delay in setting up a company to regulate the value of imports as well as outlays connected to a delay in installing a new computer system.

Bollore Africa Logistics, which is based in Abidjan, is an Ivory Coast subsidiary of French Bollore.
Source:Reuters (Reporting by Loucoumane Coulibaly; Editing by Matthew Mpoke Bigg/Mark Heinrich)