- July 13, 2004
- Posted by: admin
- Category: Media & Broadcasting
Johannesburg – The more than R1 billion invested in e.tv by its 66 percent owner Hosken Consolidated Investments (HCI) has finally started reaping rewards.
The station contributed a R21 million profit to HCI in the year ended march, helping the investment company report a R3 million headline profit from the previous year’s R98 million loss.
HCI’s next bet is on its limited payout gambling machine business Vukani Gaming. Vukani has been granted a licence to deploy 1000 limited payout gambling machines in the Western Cape. This resulted in a R15 million loss on a R16 million turnover.
HCI also became part owner of the Tsogo Sun casino this year.
e.tv will be HCI’s sole media investment once the sale of its 42 percent in 94.7 Highveld Stereo radio station to Primedia, for R180 million, is concluded. This money will be used to help fund HCI’s R250 million acquisition of Golden Arrow Bus Services.
HCI has opted to expand into gambling and transport.
Source: Robert Laing – This Day