Unga Group Plc has issued a profit warning for the year ending June 30, 2019, following a 40.1% drop in net profit for the half year to Dec 31, 2018, to Sh306.29 million.

Revenues fell 18.5% to Sh9.03bn vs Sh11.08bn. Forex losses jumped 83.5% to Sh25.35m.

PBT dropped 40% to Sh439.56m vs Sh733.09m.

"Volumes and margins declined in the human nutrition business due to increased competition and depressed consumer demand. The animal nutrition business recorded improved performance, whilst the bakery business met expectations," the miller said.