Nation Media Group announces rise in pre-tax profits

03/08/2011 - Kenya property & investment news Posted by Neil King
Nation Media Group announces rise in pre-tax profits

Nation Media Group has confirmed that pre-tax profit increased 25 per cent in the first half of 2011 from the same period last year, Reuters has reported.This rise, the firm explained, is due to expansion and reduced costs.However, the company warned that inflation and weaker currencies could affect its second half's del performance."The group's performance in the period was boosted by market share gains and prudent cost management in an underlying favourable economic environment," the company commented.Further to this, Nation increased its interim dividend by 60 per cent, to 1.5 shillings.However, Nation warned: "The second half is expected to be more challenging as the regional economies grapple with high inflation rates ... as well as a depreciation of the regional currencies against major world currencies."Poonam Vora, a research analyst at Dyer & Blair, forecast a slight reduction of the pre-tax profits for the full year to about 20 per cent.Nation owns newspapers and television stations in Uganda and Tanzania.