Daar Communications Cuts 2018Q1 Loss By 66.8%
Nigeria’s first private sector broadcast media group, Daar Communications Plc, on Tuesday presented its belated financials for the first quarter ended March 31, 2018, the highlight of which were the flat growth in revenue for the period, just as the management reined in on cost, among others, resulting in a N462.244m, or 66.8% reduction in loss after tax for the period.
Revenue limped from N904.428m to N913.428m; the bulk of revenue came from television, which yielded N747.203m or 81.8% of total, despite the slight drop from the previous N791.595m. Radio revenue followed with N104.252m, up from N89.158m; and N61.973m from Daar News, almost three times the N23.856m it raked in a year earlier.
Cost of sales dropped by N398.945m or 34.04% to N772.982m, down from N1.171bn in the corresponding first quarter of 2017.
This left gross profit at N140.446m, compared to the previous N267.317m loss.
Other income stood at N1.214m from N1.871m; translating to operating profit of N141.66m, from the N265.446m loss in 2017; distribution cost rose marginally from N21.731m to N22.836m; while administrative expenses dropped from N374.899m to N307.36m.
Finance changes dropped to N17.594m from N19.774m, leaving a loss before tax of N206.13m, an improvement over the N681.85m in the prior Q1.
The tax expense of N23.6m, up from N10.125m, left net loss at N229.731m from N691.975m, translating to Loss Per Share of three kobo, a three-fold improvement from the nine kobo LPS in the corresponding period of 2017.
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