Standard Group limited has reported a 12% drop in profits from a profit of Kshs. 249.239 million it posted for the period ended 31^st December 2010 to Kshs. 219.298 million it posted for a similar period last year.

In the financial reports posted on the NSE website the group said that it achieved mixed results for the period ended 31^st December 2011 as it experienced sustained growth in the printing and advertising business while the broadcast side experienced challenges.

The print business grew by 15% as both circulation and advertising revenues grew by 16% and 8% respectively. The print business profit before tax grew by 9% to Ksh. 446 million.

The report stated that the broadcast side faced challenges due to the impact of moving operations from the city centre to their present premises on Mombasa road and the cost of changing the entertainment content to adapt to changing viewer expectations. This led to a loss of Ksh. 109 million before tax adjustments.

The board has recommended that no dividend will be paid out this time round. They have however proposed a bonus issue of one share for every ten held subject to shareholder and regulatory approval.