Daar Communications Plc reported a net loss of N533.4 million in its second quarter ended June 30, 2017, against N406 billion loss posted in the year 2016.
According to a notice posted on the Nigerian Stock Exchange (NSE) at the weekend, the company’s total revenue for the year under review was N883.7 million in contrast with N1.3 billion recorded same period in 2016.
The notice showed further that the company’s costs of sales for the period was N1.03 billion against N1.29 billion recorded in 2016, finance costs declined to N19.87 million from N27.19 million.
Administrative expenses went up to N345.09 million from N304.95 million, while the earnings per share declined to a negative of seven kobo in the period under review.
The results, the company said, represented 32 percent decline in its revenue earnings. The company’s also recorded N142.4 million gross loss for second quarter, 2017 against N51.6 million gross profit recorded in the year before.
Daar Communications recorded N9.9 billion net assets in the year in review in contrast to N11.2 billion in the year before.
The chairman of the company, Chief Raymond Dokpesi attributed the loss to the adverse business environment together with the biting economic recession.
Dokpesi, however assured shareholders that there was bright hope of returning the company to profitability in the coming years following a conscious business restructuring and operations digitalisation and expansion initiative project which is at its final implementation stage.
He said, as part of the initiatives, Daar Communications has successfully resolved all her pending litigation matters in several courts arising from the last general elections in Nigeria in 2015 and in the process saved a lot of funds in litigation fees as some were settled out of court or struck out for want of evidence.
Daar Communication is an integrated media company with a portfolio of TV, radio stations and investment in broadcast equipment and coverage.