Longhorn Publishers, a provider of eLearning solutions, core and non-core learning materials within the East Africa region has a reported a 24 per cent decline in its half year net profit to Ksh 43.6 Million compared to Ksh 57.2 Million reported in the same period in 2015.
The company which is majority owned by Centum Investment attributed the fall in revenues (-19%) to “a shift in the buying pattern in quarter three and the conscious decision by the board to discontinue low margin products.
The company’s sales dropped by 19 per cent from Ksh 842.5 Million in 2015 to Ksh 684 Million while cost of sales declined to Ksh 318.6 Million from Ksh 480.9 Million in the half year period ended 2015.
Operating expenses increased by 8 per cent to Ksh 306.5 Million.
The board approved the payment of an interim dividend amounting to Ksh 25 Million for the year ending 30th June 2017 to be paid on or before 22nd May. Shareholder Register closes on 31st March.