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Mumias Sugar fiscal H1 loss widens YOY

Mumias Sugar Company Ltd said its normalized net income for the fiscal first half ended Dec. 31, 2014, amounted to a loss of 85 Kenyan cents per share, compared with a loss of 17 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.30 billion shillings, compared with a loss of 254.6 million shillings in the year-earlier period.

Total revenue decreased 62.5% on an annual basis to 2.67 billion shillings from 7.13 billion shillings, and total operating expenses declined 39.5% year over year to 4.46 billion shillings from 7.38 billion shillings.

Reported net income totaled a loss of 1.45 billion shillings, or a loss of 95 cents per share, compared to a loss of 285.1 million shillings, or a loss of 19 cents per share, in the prior-year period.

As of March 5, US$1 was equivalent to 91.10 Kenyan shillings.