Standard Groups sinks deeper in the red as operating costs rise

Listed media firm, Standard Group has sunk deeper into loss making, financial results for year ended 2017 show.

According to financial statements forwarded to Nairobi Securities Exchange, losses for the year ended December 2016 increased 6.3 percent to Sh289 million from Sh269 million in 2016.

Loss for the period was driven by a 3 percent in revenue to Sh4.65 billion from Sh4.8 billion in 2016.

The group blamed the drop in revenue was a result of a fall in print revenue.

“Decline was mainly due to reduction in print advertising revenue by 17 percent occasioned by business uncertainty in the electioneering year,” said the firm in explanatory notes accompanying the financial statements.

Also contributing to the loss was a 12.05 percent to Sh4.9 billion from Sh4.4 billion in the previous year. The group said election coverage, libel costs, newspaper redesign and marketing costs as contributing to increased operational.

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