The Standard Media Group has announced a half year loss increase to Sh. 111.6 million. The loss came as the troubled media house’s revenues dipped by 16.8 per cent to Sh. 1.05 billion from the previous half’s Sh. 1.3 billion.

“Total revenue for the Group decreased by 16.8 per cent to close at Sh. 1.049 billion from Sh. 1.260 billion in the previous 6-month period. This was occasioned by reduced advertising spending as businesses cut back on expenditure to weather the current economic conditions,” the media house said in a statement.

The Standard attributed the loss to a business environment that it said was constrained, against a backdrop of growing global uncertainties, floods, sustained geopolitical tensions, tightening monetary policies in advanced and local economies and a depressed consumer spending in advertising.

“The Group has undertaken cost rationalization measures on operating expenditure, key amongst them being staff costs. This saw total costs decrease by 11.4 per cent to Sh. 1.19 billion compared to a similar period in 2023. Consequently, the Group incurred a loss before tax of Sh. 200 million compared to a loss before tax of Sh. 147 million in the prior year,” the company said.

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The Group’s total assets recorded a 5 per cent increase to Sh. 4.3 billion. The media company has been sailing in troubled waters to the extent of failing to pay its workers for months. In July this year, it announced that it would sack up to 300 employees in a bid to cut costs.

The latest loss extends the streak of financial losses the company has been posting. For the full year 2023, the Standard Media Group announced a full year loss of Sh. 1.26 billion. This net loss was an increase from the 1 billion loss that the media house recorded in the previous 2022 financial year.

Revenue for that full year fell by 13 per cent to Sh. 2.4 billion. This reduction was attributed to reduced business from advertising clients.