Daar Communications Plc, owners of African Independent Television (AIT) and Ray Power Radio, said on Saturday that despite a 25 per cent growth
and Ray Power Radio, said on Saturday that despite a 25 per cent growth in its revenue in 2018, its balance sheet still ended in a deficit at the end of the financial year.., told shareholders at the broadcast firm’s 10th and 11th Annual General Meeting in Abuja that its revenue grew from about N3.712 billion in 2017 to a new level of N4.637 billion in the 2018 financial year.
He linked the loss on the company’s adoption of the International Financial Reporting Standard in its accounting operations “Conversely, the earnings of 2018 increased to N4.637 billion, representing 25 per cent increase over 2017 earnings,’’ Mr Dokpesi said.To ensure the company complied with the dictates of the IFRS -15 models of accounting in its operation, the chairman said the board resolved to review all her revenue contracts to enable it make appropriate provisions for all delinquent accounts in line with the new accounting standard.
In addition, the Daar Group Chairman equally blamed the country’s high foreign exchange regime in its acquisition of broadcast equipment. “We are also integrating our operations with the most robust software in order to fully automate our operations to cope with modern broadcasting anywhere in the globe.
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