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VENFIN AND E-TV

For those interested in keeping tabs on the financial fortunes of e.tv, Venfin is a gem as it usually gives a look into how the free-to-air television station is performing. Unfortunately, you cannot rely on Hosken Consolidated Investments (HCI), which has a 50 percent stake in the station, as it provides no breakdown of e.tv’s results. But at least Venfin’s financial results appear to show that e.tv is starting to stem some of its bleeding. For the six months to September, the station has improved its pro forma headline loss to R91,6 million from a loss of R160 million. This was on the back of turnover that almost doubled to R161,5 million during the six months. The question is, can e.tv break even within six to 12 months, as HCI management said it would in March? (Then it gave a time frame of 12 to 18 months.) Also, what’s happened to the 12 percent stake in the station that Warner Brothers put up for sale in June? A final little titbit from Venfin’s results is that it has lent HCI about R38 million for e.tv.

Source: Business Report – Max Gebhardt