Press Corporation plc has posted a profit after tax of K24.76 billion for the financial year ending 31st December 2019 representing a 33% decrease from the K36.71 billion profit recorded in the previous year.

The decrease, according to a statement cosigned by Press Corporation plc Board Chairman, is attributed to a one-off prior year gain of MK8.86 billion arising from restructuring initiatives of the telecommunications segment and a one-off cost of MK2.5 billion in 2019 relating to functional review exercises in some of its companies.

On the other hand the conglomerate bemoaned that the operating environment was challenging, stating that there was business uncertainty arising from pre-election activities as well as protracted post-electoral disputes. Thus, revenue generation was impacted resulting in the Group registering only a 3% growth. The less than satisfactory growth in revenue in turn put pressure on working capital resulting in a 131% increase in net finance charges,” reads part of the statement.

As for the outlook for 2020, the company is uncertain, as the economy is amidst the blows of the coronavirus pandemic.  “Management is closely monitoring the pandemic and taking all necessary precautionary and mitigation measures.” says the statement.