Daar Communications reports N1.5bn loss

Daar Communications, owners of African Independent Television (AIT) and Ray Power has announced a loss of N1.5 billion for financial year ended December 2015.

The indigenous media company had announced a loss of N107 million in 2014 despite recording improved revenue.

For the 2015 financial year, Daar Communications revenue rose by 1.7 per cent from N6.97 billion in 2014 to N7.09 billion recorded in 2015.

DAAR Communications Plc, the foremost independent broadcast organization in Nigeria. The company was incorporated on August 31, 1988 as a limited liability company and converted into a public liability company on April 23, 2007.

It pioneered private/independent broadcasting in Nigeria with the establishment of Raypower 100.5 FM radio station in September 1994 upon the deregulation of broadcast sector in 1993 by the Federal Government of Nigeria.

The organization also pioneered global satellite broadcasting in 1996 with the establishment of African Independent Television (AIT).