Mumias Sugar Doubles its Loss to Sh15B full-year
Mumias Sugar Company yesterday confirmed that they had made a loss in profits double the one made last year.
According to the results released, it indicated that the company had made a loss of Ksh.15.1 billion for the year ending in June 2018.
Previously, the miller had made a Ksh.6.7 billion loss a clear indication that the sector was facing tough times.
The miller has attributed Sh4.9 billion to the plant impairment and machinery, and low production experienced having in mind that the plant had been shut in the 4th quarter of the financial year.
The company posted Ksh.1.9 billion down from 2.09 billion recorded in 2017 marking a 17% decrease. The decrease was after the company managing to reduce its administrative costs.
The company hopes that things will take a positive turn after the government crackdown illegally imported sugar and zoning sugar belts to turn tides.
It is also in discussion with its lenders to restructure its debts to at least have some financial relief. This, as it also seeks a strategic partner to pump in more capital into the business.
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