Standard Group profit down 8 pct in the first half
25 August 2014, 13:39
Nairobi - Media firm Standard Group on Monday posted an 8-percent drop in pretax mid-year profit to 205 million shillings ($2.32 million).
The publisher of Kenya's second-largest daily, The Standard, operator of KTN TV and a radio station, blamed the year-on-year fall in profit on provisions for bad debts in its magazine distribution business.
The company said it was optimistic about achieving higher earnings in the second half.
Revenue rose 1.5 percent to 2.37 billion shillings buoyed by a 50 percent rise in income from its radio business and an 82 percent jump from its digital assets. Print advertising income grew 12 percent while income from television slipped to 380 million shillings, the company said.
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