Mumias Sugar has recorded a full-year net loss of Ksh 6.8 billion which is more than the Ksh 4.8 billion loss the company recorded for the previous year and Ksh 4.6 billion loss made in the year to June 2015.
The miller reported a 6.8 billion shillings full-year net loss,
The miller’s revenue plunged from Ksh 6.3 billion in 2016 to Ksh 2.1 billion.
“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, the Miller’s 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.
Turnover plunged three times Ksh 6.3 billion a year ago to Ksh 2.1 billion.
Cane crashed during the period was 407,008 tonnes against 1.2 million tonnes in a similar period last year. Production fell by 67 percent to 15,891 tonnes from 75,073 tonnes in 2016.