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HCI’S INTERIM LOSS WIDENS FOR YEAR

25 Jun General

Johannesburg – Hosken Consolidated Investments (HCI), the listed empowerment group, had widened its R7,4 million half-year loss to a R11,7 million operating loss for the full year to March. This compares with a loss of R2,4 million the previous year. Marcel Golding, the chairman, said Midi-TV, the subsidiary which controls e-tv, was expected to become profitable in 12 to 18 months. He said the recently announced intention of Warner Bros to shed its 12 percent stake in e-tv was not expected to have any material adverse effect on the business. Headline losses a share increased to 54,9c from 21,9c the previous year. HCI said it hoped to convert its preference share stake in Online Gaming Systems (Ogam) to ordinary equity. The conversion would give HCI a controlling 51 percent stake in Ogam. “We are continuing to fund Ogam’s losses in 2001, but believe the company will turn profitable in 2002,” Golding said. He expected HCI’s 50,02 percent indirect interest in e-tv to be diluted over the next year as new shareholders were introduced. HCI’s share price closed unchanged at R3,90c on the JSE Securities Exchange last Friday.

Source: Business Report – Steven Moti