HARARE, March 24 (The Source) – Zimbabwe’s largest media house, Zimpapers, on Friday reported that its net profit for the year to December 2016 fell by a quarter to $2,02 million from $2,7 million in the prior year.
Revenue was down 6,3 percent to $37,6 million from $40 million in the prior year and operating profit before tax rose 14,6 percent to $2,5 million.
The company reduced its borrowings by 37 percent to $4,3 million.
Operating expenses went down by 23,5 percent to $21,8 million from $28 million in 2015.
The newspaper division was hit by poor circulation figures, with operating profit dropping by 28 percent to $2,6 million from $3,6 million.
The commercial printing segment recovered from an operating loss of $327,000 to a profit of $421,000 driven by capacity utilisation and and increased demand.
Zimpapers publishes The Herald, The Chronicle, Sunday News and Sunday Mail among other titles and also owns radio stations, Star FM and Diamond FM and various digital platforms.
Total assets stood at $39,6 million from $40,6 million in 2015.
The company did not declare a dividend.