Following a profit warning issued in November, Kenyan based Media House, Standard Group has reported a loss of Sh 282 Million for the full year period ended December 2017 compared to a profit of Sh 262 Million posted in a similar period in 2016.
The company, which runs the The Standard newspaper, KTN TV stations, Radio Maisha and a number of other media platforms says the terrible results were due to a decline of 17% in print advertising, its bread and butter. It further blames “business uncertainty during last year’s elections.
Total group revenues declined by 3% to Sh 4.66 Billion while operating costs increased by 12% to Sh 4.9 Billion. The company says the increase in operating costs was primarily driven by; increased costs of election coverage and increase in libel and bad debts provision.
The company’s board did not declare any dividends citing need to allow “continued investment in broadcast and digital business units.”