August 18, 2018 / 8:48 AM / in 3 months

Kenya's Nation Media Group says its H1 pretax profit drops 35 pct

NAIROBI, Aug 18 (Reuters) - Kenya’s Nation Media Group said its pretax profit fell 35 percent to 761.8 million shillings in the first half of this year, hurt by falling advertising and circulation volumes and provisions for overdue debt.

The biggest news publisher in East Africa, with newspapers, radio and television stations in Kenya as well as Uganda and Tanzania, said turnover fell 7 percent to 4.92 billion shillings in the six months to end June.

It said in a statement its performance was affected by a 292 million shilling provision for overdue debt, compared with an 18 million shilling debt in first half 2017, caused by delays in payments, especially by the government.

Foreign exchange depreciation, higher global newsprint prices and a week-long shutdown of its Kenyan NTV television station early this year also hit its bottomline, Nation Media Group said. (Reporting by George Obulutsa)

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