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New Vision profits up at sh4.7b

By Vision Reporter

Added 2nd October 2007 03:00 AM

THE NEW Vision has shrugged off a difficult year to post a 17% increase in pre-tax profit of sh4.7b at the end of June 2007 from sh3.6b the previous year, company results have shown.

THE NEW Vision has shrugged off a difficult year to post a 17% increase in pre-tax profit of sh4.7b at the end of June 2007 from sh3.6b the previous year, company results have shown.

By Sylvia Juuko

THE NEW Vision has shrugged off a difficult year to post a 17% increase in pre-tax profit of sh4.7b at the end of June 2007 from sh3.6b the previous year, company results have shown.

New Vision’s share price peaked at sh570 on Monday, from sh470 last week at the stock exchange, the highest it has recorded in recent months following release of the company’s audited results.

A sh20 per share dividend was recommended by the board, an increase from sh12 issued in 2006.

The turnover also grew by 10% to sh32.6b from sh29.6b in the period under review.

“The company registered a good performance ....despite a tough year with intensive power shortages adversely affecting many sectors and changes in top management of the company,” read the statement issued recently.

The growth was driven mainly by an increase in circulation and advertising revenue, especially website advertising.

Global rise in oil and commodity prices affected the cost of raw materials and general operating costs.

“However, an appreciation of the shilling against the dollar and a tax waiver on diesel for generators mitigated the above factors and costs were more or less at the same level as last year save those directly related to the increased level of activity to match sales.”

New Vision is looking to another year of growth, going forward with resources set aside to consolidate the company’s market leader position.

“Further investments are lined up for machinery, people and processes for continuous improvement for all our products and workflow process.” The company announced plans to diversify into electronic media.

New Vision profits up at sh4.7b

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