New Vision turnover rises by 21%
Feb 25, 2010
THE New Vision Printing and Publishing Company turnover rose by 21% to sh25.5b in the last half of 2009. This was against sh21b earned in the same period the previous year, the company’s unaudited results show.
By Sylvia Juuko
THE New Vision Printing and Publishing Company turnover rose by 21% to sh25.5b in the last half of 2009. This was against sh21b earned in the same period the previous year, the company’s unaudited results show.
However, the company’s pre-tax profit decreased to sh1.8b, from sh2.3b. Operating profit increased to sh2.5b, from sh1.8b.
A statement signed by Gervase Ndyanabo, the company secretary, said the performance of the first half of the financial year indicated positive recovery.
“Turnover growth of 21% in six months is commendable. But operating profit and profit before tax dropped due to higher administrative costs,†the statement said.
The company recorded growth in advertising income for print and electronic media, commercial printing, circulation sales, particularly with the vernacular papers, the statement indicated.
It added that the company incurred high costs in areas related to turnover growth like material inputs, sales and marketing-support activities.
“Additional depreciation costs for the new investments and fluctuating exchange rates contributed to the increase in administrative and finance expenses.â€
However, the directors did not recommend a payment of an interim dividend.
The New Vision’s share price is currently trading at 460 per share at the Uganda Securities Exchange.
The company hopes that the launch of the printing press before the end of this financial year will position it to offer speedy and quality services.
This will contribute to growth in circulation, commercial printing and print advertising.
The company’s expansion in electronic media has also started bearing fruit with the launch of Etop Radio, Radio Rupiny and Bukedde TV.
“We have started harvesting the benefits of the integrated media platforms with the widest consolidated reach.
“Bukedde TV, which was launched in November last year, has become very popular in a short time. This will stretch the integration further in line with our corporate strategy.â€
THE New Vision Printing and Publishing Company turnover rose by 21% to sh25.5b in the last half of 2009. This was against sh21b earned in the same period the previous year, the company’s unaudited results show.
However, the company’s pre-tax profit decreased to sh1.8b, from sh2.3b. Operating profit increased to sh2.5b, from sh1.8b.
A statement signed by Gervase Ndyanabo, the company secretary, said the performance of the first half of the financial year indicated positive recovery.
“Turnover growth of 21% in six months is commendable. But operating profit and profit before tax dropped due to higher administrative costs,†the statement said.
The company recorded growth in advertising income for print and electronic media, commercial printing, circulation sales, particularly with the vernacular papers, the statement indicated.
It added that the company incurred high costs in areas related to turnover growth like material inputs, sales and marketing-support activities.
“Additional depreciation costs for the new investments and fluctuating exchange rates contributed to the increase in administrative and finance expenses.â€
However, the directors did not recommend a payment of an interim dividend.
The New Vision’s share price is currently trading at 460 per share at the Uganda Securities Exchange.
The company hopes that the launch of the printing press before the end of this financial year will position it to offer speedy and quality services.
This will contribute to growth in circulation, commercial printing and print advertising.
The company’s expansion in electronic media has also started bearing fruit with the launch of Etop Radio, Radio Rupiny and Bukedde TV.
“We have started harvesting the benefits of the integrated media platforms with the widest consolidated reach.
“Bukedde TV, which was launched in November last year, has become very popular in a short time. This will stretch the integration further in line with our corporate strategy.â€