By Silvia Nyambura
Media conglomerate New Vision Limited (NVL) profits for financial year 2016/17 plummeted by 99.7% to register Ushs 14.68 million. This is compared to Ushs 4.93 billion registered in the previous financial year. Management attributed the decline to impairment charges on trade and receivables amounting to Ushs 3.1 billion. Revenues declined by 7.12% to Ushs 86.06 billion compared to Ushs 92.66 billion previously.
According to Robert Kabushenga, the CEO Vision Group, the company has a policy stating that any debts over 1 year old must be provided for irrespective of whether they will be paid back or not.
“Out of the Ushs 3.1 billion of the impairment charges, 1.7 billion is money that the government owes us. We know that it will be paid back,
