Mumias doubles full year loss to Sh6 billion on low revenues

Mumias Sugar Chairman Dan Ameyo

NAIROBI: Mumias Sugar financial woes deepened after the miller doubled its loss before tax to Sh6.31 billion in the year ended June 2015 from Sh3.41 billion. The sugar miller’s full-year after tax loss increased from Sh2.7 billion as at June 2014 to Sh4.6 billion.

The cash strapped firm, which recently received Sh1 billion government bailout to help it meet some short-term obligations, saw operating revenues fall to Sh5.53 billion from Sh13.08 billion recorded in the year ended June 2014, with management attributing this to lower sugar and ethanol sales volumes caused by a prolonged factory shutdown and a drop in cane deliveries.