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HOSKEN FIRST HALF EARNINGS UP 32%

17 Nov General

Investment holding company Hosken Consolidated Investments on Thursday announced a 32% increase in headline earnings per share of 299.51c for the six months ended September 30. Earnings per share were up 38% to 321.35c.

HCI said its directors had resolved to declare ordinary dividend number 44 of 20c per HCI share.

Revenue increased 15.5% to R3.510 billion mainly due to increased advertising spend in the media and broadcasting sector and increased contributions from mining, limited payout gaming, information technology and natural gas, while operating profit was up 44% to R530.175 million.

“Our headline profits were up some 34% on the same period last year, which is pleasing by any standards.

“This was achieved by our main assets growing attributable earnings more than 20% over the previous period, two of our growth subsidiaries starting to come seriously into their own,” the group said.

EBITDA was up 35.1% to R716.835 million.

Hosken Consolidated Investments noted that the cash flow statement was not comparable to the prior period due to the accounting treatment of the group’s investment in Tsogo Sun Holdings.

It added that profit from associates and joint ventures for the period was significantly higher due to the equity-accounted earnings of the group’s 41.3% interest in Tsogo Sun Holdings which was consolidated and included in discontinued operations for the prior comparable period.

Group long-term borrowings at September 30 comprise borrowings of R1.452 billion at head office level, including the R500 million of preference shares outstanding to Nafhold and R665 million in operating subsidiaries.

During the period under review Sabido Investments acquired a 100% interest in Powercorp International, a London based global content distributor of films and television series with effect from July 21, the group said.

An interest of 90% and 80% in Media Film Equipment Services (Pty) Ltd and Media Film Services Incorporated, respectively, were acquired with effect from September 1, 2011.

The acquired businesses contributed revenues of R8.7 million and net losses after tax of R10.4 million to the group for the six month period ended September 30 2011.

Source: I-Net Bridge