The management has faulted the digital migration for the decline.
The media group’s revenue dropped by 7 percent to Sh2.2 billion from Sh2.37 billion same period last year.
Print advertising business dropped marginally by 4 percent compared to the same period last year, while the television segment declined by 27 percent to post Sh275 million against 379 million recorded the first half of 2014.
The radio business however posted 110 percent rise while digital revenue expanded by 57 percent.
Direct costs of production reduced by 25 percent to Sh428 million down from Sh567 million in the first half of 2014 while overheads increased by 13 percent from Sh1.1 billion to Sh1.26 billion owing to investments in business automation.
The board of directors does not recommend an interim dividend in the first half of the year 2015.
“The board is optimistic barring unforeseen factors that the group will record improved performance in the second half of the year, once the benefits of the reorganization and automation exercises start tricking in,” the management noted.
The group has issued a profit warning for the full year ending December 2015, anticipating 2015 full year earnings to be at least 25 percent lower than 2014 earnings.
Meanwhile, economic experts are anticipating tough times for listed companies as well as shares and bonds for the reminder of the year owing to the United States increasing its interest rates that has seen foreign investors invest back in their markets, shying away from emerging markets.
Pan Africa Asset Management Senior Portfolio Manager Kevin Kangogo says equities and bonds are getting a beating from sell-off rates as most foreign investment companies that have been placing their money in emerging market economies in Africa opt to invest back to their markets.