18 January 2018
   
LATEST: Bennett in fatal chopper crash?
Polls in '4 to 5' months: Mnangagwa
$430k cocaine woman blames Brazil firm
Tobva tadii paya trio bailed after 3mths
Businessman fleeces clinic of $27,000
Soldiers deployed all over rural Zim: MDC-T
MDC-T’s Mudzuri begs ZCTU for support
Moyo claims CIO spy killed during coup
MORE NEWS
Bond notes here to stay, says Chinamasa
South Koreans in $70m Zim agro-project
MORE BUSINESS
Hubby bashes Star FM anchor in love row
$18/yr subscr too much for musicians
MORE SHOWBIZ
Zimbabwe beat Sri Lanka in thriller
Caps bid to rehire star forward Nhivi
MORE SPORTS
A view beyond the Zimbabwe coup
'Shit-hole': Just Take moral high ground
MORE OPINION
 
Economy: the need for a paradigm shift
Trump rage ignores truth: A response
MORE COLUMNISTS
 
 

Zimpapers PAT up 93pct to $1m in H1, revenue falls

22/09/2017 00:00:00
by Source.co.zw
 
 
RELATED STORIES

Listed media group, Zimpapers on Friday reported a net profit growth of 93 percent to $1 million for the six months to June from $570,520 recorded in the same period last year despite a fall in revenue. 

Revenue dropped 4 percent to $18,3 million from $19 million in the prior comparable period.

Newspaper, commercial printing and broadcasting divisions contributed 12 percent, 13 percent and 22 percent respectively to total revenue.

“The four percent drop in revenue was caused by the reduction in circulation volumes, mainly as a result of liquidity constraints arising from cash shortages,” said chairman, Delma Lupepe in a statement.

Finance costs fell from $571,380 to $280,123 while operating costs increased from $11,2 million last year to $12 million .

“The company’s operating costs increased as the company took a deliberate approach to increase investments in new products including digital, The Business Weekly and Zimpapers Television Network production house during the period under review for future revenue growth,” said Lupepe.

The company’s debtor book went up by 7 percent to $11, 1 million.

Total assets increased marginally to $39,7 million from $39,6 million last year.

Cash from operations was down at $2, 1 million compared to $3,8 million recorded in the same period last year.

The group did not declare a dividend, citing the need to, “preserve the available resources for working capital, liquidating the legacy statutory liabilities and debt as well as completing the ongoing recapitalisation programme to ensure a brighter future.”



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker