Mumias Sugar on Thursday reported a widened full-year net loss of 6.8 billion shillings, representing a 42 percent drop that the company blames on cane shortage. [Photo:the-star.co.ke]
Mumias Sugar Company has blamed the 42 percent slump in profits on the shortage of sugarcane.
The miller was at some point forced to stop operations between April and June this year.
“To minimize losses associated with the above suboptimal factory operations, management made a decision to stop milling operations in the last quarter of the year to focus on cane development activities and factory plant maintenance,” said Dr. Kennedy Ngumabu, Mumias Sugar Company Chairman.
“The strategy has since yielded fruit resulting in resumption of factory operations in October 2017 with the company recording significant improvement in cane deliveries, factory reliability and associated sugar and ethanol recoveries,” he added.
Mumias Sugar on Thursday reported a widened full-year net loss of 6.8 billion shillings, representing a 42 percent drop that the company blames on cane shortage.
Turnover plunged three times 6.3 billion shillings a year ago to 2.1 billion shillings.