Illovo Sugar Malawi says it may lose 12 thousand tons of its sugar business both on the local and international markets due to Covid-19.
Managing Director, Lekani Katandula, said sugar sales have drastically dropped in recent weeks due to a declining buying power among the masses.
He said this will greatly affect the performance of the company in its current financial year which ends in August.
Katandula further said the company is currently implementing strategic plans aimed at meeting their targeted sales during the year to dodge catastrophic losses.
Covid-19 has affected businesses as travel restrictions and lockdowns have slowed down supply of raw materials for companies who mostly depend on imported raw materials.
Some companies have resorted to lay off staff while others have minimized production levels.
