Umeme records drop in profits for half year 2016

By Our Reporter Power utility company Umeme has registered a 19.5% fall in net profit in the six months to June 2016 to Ushs 54.5 billion from Ushs 67.7 billion in the same period last year. This performance was attributed to higher financing costs and a normalized tax rate. Revenues were higher by 20.3% to Ushs 658.7 billion from Ushs 547.6 billion previously due to investments made in the