It’s a tough start for Don Wanyama as he announces that The New Vision Printing and Publishing Company is in a loss making position for the Financial year 2020/21. Wanyama was appointed Chief Executive Officer for the Company in April this year.
In a notice, to shareholders, potential investors and the general public, he 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.”
He notes that the loss making position is mainly due to the adverse effects that Covid-19 has had on the company customers thereby negatively impacting the advertising revenues.
“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,” he says in the notice
Uganda to host WFP Global Fleet Hub, establish unique humanitarian plates“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 adds.
The New Vision Printing and Publishing Company Limited is listed on the Uganda Securities Exchange.
