Zimpapers reports $12,9 million loss

Zimbabwe Newspapers Group (Zimpapers) reported a US$12,9 million pre-tax loss in the full year to December 2014 (FY14), down from a US$453,910 profit in the prior year owing to a staff rationalisation exercise and impairment on the old printing press.

Revenue also tumbled 7% to US$41,6 million from US$44,9 million registered last year.

In a statement attached to the group's financials, Zimpapers chairman Charles Utete attributed the loss to a staff rationalisation programme the company undertook, the impairment of the old printing press and general liquidity challenges that characterised FY14.

Operating expenses before retrenchment and severance packages of US$5,96 million increased by 17% from US$32,8 million the prior year.