Daar communications posted NGN175 million loss for q2 2016

After posting a huge loss for the full year of 2016, Daar Communications Plc in its second quarter 2016 report recorded NGN1.3 billion turnover against NGN1.7 billion recorded same period 2015.

Its costs of sales fir the period was NGN1.2 billion against NGN607.8 million reported in the year before.

The media company said its gross profit fell to NGN51.0 million in the period in review from NGN1.1 billion recorded in the year 2015. Consequently, its administrative expenses were lowered to NGN304.9 million against NGN867.8 million posted in 2015.

Daar communications recorded NGN290.8 million loss before tax in q2 2016 in contrast to NGN229.7 million profit recorded in 2015.

After settling its tax expenses for the period, its loss for the year was NGN175.6 million compared to NGN160.8 million profit recorded in the previous year.

Daar communications plc said it acquired NGN16.5 billion total assets in thew period in review compared to NGN17.6 billion acquired in the year before. ts total liabilities was NGN6.6 billion versus NGN6.7 billion recorded in 2015.

Its total liabilities was NGN6.6 billion versus NGN6.7 billion recorded in 2015.

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Company Information

DAAR Communications plc is an independent privately owned broadcasting organization in Nigeria. It was established on August 31, 1998 by Raymond Dokpesi and on April 23, 2007, it was converted into a public liability company. It pioneered Africa Independent Television (AIT), Ray power 100.5 FM Abuja and Raypower 100.5 FM. The company is listed on the Nigerian Stock Exchange.

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