Mumias Sugar has issued a profit warning, indicating that the sugar miller has sunk deeper into loses.
The management of Mumias Sugar is currently expecting the sugar miller to record losses of at least Sh3.4 billion this year, more than 25 per cent higher than the Sh2.7 billion posted last year.
It attributed the fall to shortage of cane. It has been struggling with a cash crunch that forced the government to give it a Sh1 billion bailout.
In Tuesday’s NSE trading the company’s stock remained stuck at Sh1.90 per unit despite a general downward movement of other counters which saw the 20-share index fall below the 4,500 mark.