Standard Media Group has reported a revenue drop of 3.3 percent year-on-year (y/y) to Sh4.7 billion. The drop was as a result of 17 percent y/y reduction in print advertising revenue and elevated business uncertainty during the extended election period.
The Group’s operating costs surged 12.1 percent to Sh4.9 billion, mainly because of a 4 percent y/y rise in direct costs and a 20 percent y/y rise in overhead costs.
Loss Before Tax (LBT) was Sh210.8 million, in contrast, to profit before tax of Sh198.5 million in the 2016 financial year.
The company’s loss for every share was Sh3.32 in contrast to earnings per share of Sh2.14 in the 2016 financial year.
The Board did not recommend a dividend for FY17.