The New Vision Printing and Publishing Company has announced a loss making position for the Financial year 2020/21.
In a notice, the Chief executive officer Don Wanyama says:
‘The Board of Directors of New Vision Printing and Publishing Company Limited wishes to announce to shareholders, Potential Investors, and the General Public that based on the preliminary assessment of the Company’s performance, the results of the Company’s earnings for the Financial Year ending June 30,2021 will be a loss position.”
Wanyama attributes the loss making position to the adverse effects of Covid-19 and how it has impacted the company’s customers.
“The main contributor to this performance is the adverse impact the on-going Covid-19 pandemic has had on our customers leading many to drastically reduce spending on adverts which has caused a significant reduction in our advertisement revenue,” he says, adding: “In addition, the international Financial Reporting Standard 9 (IFRS9) requirement to provide for Bad Debts when expected under the Expected Credit Losses Model, increased the impairment of Receivables significantly.”
“The Board and Management are committed to ensuring improved financial performance of the Company.
This statement is issued pursuant to Rule 38(3) of the USE Listing Rules 2021,” he concludes. New Vision Printing and Publishing Company Limited is listed on the Uganda Securities Exchange.