The Chairman of DAAR Communications Plc, Chief Raymond Dokpesi (Jnr), has blamed the huge operating loss of N2.13bn for the 2016 financial period on the harsh operating environment, which was caused by economic recession.
Dokpesi stated this during the combined 2015 and 2016 Annual General Meeting of the company which was held on Friday in Abuja.
DAAR Communications Plc is the holding company of African Independent Television and Raypower Radio, among others.
He told the shareholders who attended the event that the company’s operating loss grew from N1.51bn in 2015 to a new height of N2.13bn.
He noted that the astronomical increase in cost of operations occasioned by the economic recession and the severe devaluation of the Naira which could not be matched with corresponding growth in earnings affected the profitability of the company during the period under review.
He said, “The adverse business environment together with the biting economic recession caused the 2016 turnover of the company to plummet to an all time low of N 3.73bn representing 47 per cent decline over 2015 earnings.
“The loss after taxation in 2016 was N2.13bn while in 2015 loss after taxation was N1.51bn.”
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