Mumias Sugar full-year profit down a third

Kenyan group Mumias Sugar said full-year pretax profit fell a third to 1.76 billion shillings ($21 million), hurt by lower production.

The grower and miller of the sweetener said on Friday it produced 172,614 tonnes of sugar during the year to June, down 27 percent.

“The company is setting up additional cane-buying centres in its cane zone to enable easier sugar cane collection from the fields, minimise in-transit losses and reduce poaching of cane by its competitors,” Mumias said.

High prices propped up revenue, which edged down to 18.7 billion shillings from 18.8 billion in 2010/11.

Earnings per share rose 4 percent to 1.32 shillings, thanks to a tax credit, the company said.

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