East African Portland Cement posted a net loss of KES386m (US$4.32m) for the year ended June 30, due to price competition, high staff costs and the weakening shilling.

The Kenyan cement producer posted a net profit of KES1.7bn a year earlier.

The company said its administrative costs had gone up by KES700m following a restructuring of its management, staff compensation and an increase in staff gratuity, Reuters reported.