The measures put in pace by the government to mitigate the spread of COVID-19 resulted to a significant decline in the Nation Media Group advertising and circulation volume which resulted to a decline in revenue.
Nation Media group recorded a 29% decline in revenue to kes 3.26 billion during the period ended 30th June as compared to kes 4.5 Billion posted in the same period in 2019.
During the first six months Nation Media recorded a loss before tax of kes 328 million as compared to a profit of kes 580.8 million in the same period last year.The group also recorded a loss after tax kes 375.2 million during the period ended 30th June as compared to a profit of kes 403.7 million in the same period in 2019.
The earnings per share in nation media group recorded a loss of kes 1.90 from a profit of kes 2.20 in the period under discussion.
cash generated from operations in nation media group declined by 65.1% to kes 337.9 million during the period ended 30th June 2020.The group recorded a further decline in the cash and cash equivalents at the end of the six months period by 0.2% to kes 2.8 billion.
Considering the Nation Media Group investment plan and the adverse effects of COVID-19, the directors did not recommend the payment of an interim dividend.
