KAMPALA – The Board of Directors of New Vision Printing and Publishing Company Limited has announced losses for the half of the current financial year.
In a warning issued by outgoing Vision Group CEO Robert Kabushenga, the loss is attributed to bad debts accumulated over the years.
“The main contributor to this performance is the increase in Bad Debts Provision for business contracted in prior years and required to be provided for in the current period under the International Financial Reporting Standard 9 (IFRS9) Expected Credit Loss Model. The Board and Management are committed to ensuring improved financial performance of the company. This statement is issued pursuant to Rule 40 (1) of USE Listing Rules 2003,” Mr Kabushenga wrote.
The company has for the past two years been making losses. The shortfalls have always been to alluded to an increase in expenses at the government printing company.
In 2019, the Company registered a turnover of Shs90.2 billion in 2019 compared to Shs90.6 billion in 2018 and Advertising revenue grew by 2.8 per cent. The Company recorded a gross profit of Shs21.8 billion in 2019 compared to Shs22.8 billion in 2018 while profit before taxation was Shs3.9 billion in 2019 compared to Shs4.6 billion in 2018.