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NAIROBI, KENYA: Financial woes of sugar producer Mumias is far from over.
The miller on Wednesday reported a net loss of Sh15.1 billion against the previous year’s loss of Sh6.8 billion. The steep rise in the loss was driven by a 101 percent increase in impairment charges to the firm’s plant and machinery, the de-recognition of deferred assets leading to a tax expense of Sh5 billion and low production following plant shutdowns in the first and second quarter of the year.
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