Mumias Sugar Full Year Loss Widens By 42% to Sh 6.8 Billion

Mumias Sugar company has widened its Full year loss by more than 42% to Sh 6.8 Billion compared to a loss of Sh 4.8 Billion in a similar period last year.

The miller’s revenue declined by 67% to Sh 2.1 Billion while cost of sales was Sh 5.3 Billion.

In a statement, the company said, “The major challenge faced by the company throughout the year was the acute shortage of sugarcane experienced in the region.”

Cane crashed during this period was 407,008 tonnes against 1.2 million tonnes in a similar period last year. Production fell by 67% to 15,891 tonnes from 75,073 tonnes in 2016.

Over this period, finance costs grew by 72% to Sh 1.5 Billion. Pre tax loss for the period increased by 57% to Sh 9.5 Billion.