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“The sales dropped towards the end of the year due to the exchange rate, which was a big contributor and also as a result of interest rates going up. “Most clients were not willing to take up financing,” said Frank Okemwa, business and development manager at Kenya Car Bazaar.
The auto firm recorded a net profit of Sh181.5 million in the year to March compared to a loss of Sh344 million in a similar period last year in spite of its sales dropping to Sh263 million down from Sh604 million last year and Sh1.3 billion in 2007.