Zimbabwe Newspapers (1980) Limited, recorded a 10 percent increase in turnover to $20,2 million in the half-year period ended June 30, 2018, compared to $18,3 million in the comparable period last year.
Gross profit at $13 million increased by nine percent in line with revenue growth, board chairman, Mr Delma Lupepe, said in a statement accompanying unaudited financial statements for the period released yesterday.
The commercial printing division was the lead driver with 44 percent revenue growth to $3,6 million backed by an increase in company products following the commissioning of the second printing press late last year.
Although the division’s profit before tax increased by 16 percent to $0,42 million compared to $0,36 million in 2017, profit margin suffered a five percent drop as the cost of materials significantly went up due to economic challenges.
Mr Lupepe said the newspaper division recorded a five percent growth in revenue to $14,2 million from $13,5 million in the comparable period.
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