Nairobi, Aug. 28 -- Longhorn Publishers #ticker:LKL has sunk into Sh225.9 million loss, the first in eight years, as the closure of schools due to Covid-19 pandemic hurt book sales.
The publisher, which had issued a profit warning, said on Friday its full-year to June 2020 net earnings had retreated from the Sh185.1 million profit booked the previous year.
This marks the first time in five years for the publisher to fail to grow its earnings. It is also the first loss since 2012 when it booked Sh11.79 million loss.
The loss highlights the impact of Covid-19 on Longhorn's earnings as sales revenue dipped by 33.3 percent to Sh1.06 billion.
"The revenue growth of four percent in the first half of the year was offset by a 62 percent decline...