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(TALKZIMBABWE) Zimpapers registers US$624,000 profit

COMMENT - Who say's parastatals can't turn a profit again? Because they're 'inefficient'?

Zimpapers registers US$624,000 profit
By: Our reporter
Posted: Saturday, March 12, 2011 5:12 am

THE Zimbabwe Newspapers' Group has recovered from a US$2 million loss to post a US$624 000 profit in the full year to December 31 2010. This was largely due to a US$5 million profit before tax achieved by the publishing concern's newspaper division.

The group is now geared to further consolidate its market share. However, the group said it was not declaring a dividend because it needs the cash to recapitalise operations.

Zimpapers has managed to stave off competition from new entrants into the newspaper industry to remain the publisher of choice for most readers and advertisers.

The group includes state-owned newspapers like The Herald, The Sunday Mail, The Chronicle and Manica Post among other newspapers.

The group's newspaper division weighed in with the bulk of the revenue contributing US$30 million compared to US$3,5 million from commercial printing.

New publishers like NewsDay have failed to take a huge chunk of the market share from the likes of The Herald.

Other publishers like the Daily News have failed to publish since they were granted a license over 18 months ago, despite claiming that government was not affording independent media a level playing field.

Labels: PARASTATALS

posted by MrK @ 1:40 PM