March 4, 2017 / 7:50 AM / 9 months ago

Kenya's Standard Group swings into full year profit in 2016

NAIROBI, March 4 (Reuters) - Kenya media company Standard Group swung into profit in full year 2016 after posting a loss the previous year, helped by falling operating costs and slightly higher revenues, it said on Saturday.

Standard said in a statement that it made a pretax profit of 269.48 million shillings ($2.63 million) last year after losing 395.8 million shillings in 2015, while revenues were up 7 percent to 4.82 billion shillings.

Standard, which publishes newspapers, owns a radio and television stations, websites and does outdoor advertising, said total operating costs fell 6 percent to 4.41 billion shillings.

Its earnings per share rose to 2.14 shillings from a loss per share of 2.95 shillings in 2015. Its board recommended that no dividend be paid out to allow for more investments in its broadcast business.

$1 = 102.5000 Kenyan shillings Reporting by George Obulutsa; Editing by Catherine Evans

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