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Sunday Times owner Tiso Blackstar expects a loss

16 Oct 2019, 07:13 GMT+10

Tiso Blackstar Group [JSE:TBG] released a trading statement on Tuesday, saying the media company expected a lost of 142.96 cents per share.

However, it added that this decline was due to "once-off" costs, including the write-off of the group's interest in steel pipe manufacturer Robor.

"While a decline in earnings is expected to be reported, this was mainly due to the following once-off costs, which had no impact on the group's trading performance," the statement said. It added that impairments relating to discontinued operations also played a role, as did the relocation of various operations of marketing and communications business Hirt & Carter to one facility.

The company owns a number of national news publications, including Business Day, Financial Mail, Sowetan and its flagship title, Sunday Times.

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The company said "a reasonable degree of certainty" existed that the financial results for the year ended 30 June 2019 will show a basic loss per share of between 204.49 cents and 221.64 cents, a decrease of between 43.0% and 55.0%.

This is compared to the basic loss of 142.96 cents per share for the comparative period.

A headline loss per share of between 46.96 cents and 50.49 cents was also expected, a decrease of between 59.6% and 71.6%, when compared to the headline loss of 29.43 cents per share for the comparative period.

Earlier in October, the Competition Commission approved, without conditions, a R1bn transaction whereby Lebashe Group would acquire Tiso Blackstar Group.

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