Standard Group’s half-year profits declined by 85 percent to KSh19 million from KSh126 million. The media firm reported a 0.18 percent increase in revenue to Ksh 2.4 billion compared to Ksh 2.39 billion earned in the first half-year of 2018.
Total operating cost increased by 8 percent to Ksh 2.289 billion from Ksh 2.12 billion. This was attributed to investments that were made in new products during the year. Direct costs also increased due to an increase in international newsprint prices.
The pretax profit was reported at KSh27.71 million from KSh180.061 million an 84.6% reduction. The profit after tax was at Ksh19.399 million compared to the previous half-year period of 2018 which reported the profit after tax at Ksh 126.043 million also an 84.6% reduction.
The earnings per share reduced to Ksh 0.59 compared to the previous EPS which was Ksh 1.36 a 56.6% reduction.
The media company launched a number of new products during the period. These products include 2 TV channels; KTN Burudani and KTN farmers tv, 2 radio stations; spice FM and Vybz radio, 2 monthly magazines; travelog and Pulser and an improved Digger classifieds in the Standard newspaper.
The Standard Group has promised to report positive performance as they are confident of their recent investments.