HCI posts 40% rise in headline earnings to R531m
HOSKEN Consolidated Investments (HCI), the investment holding company that controls e.tv, on Monday reported a 40% improvement in headline earnings to R531m for the six-month period to September."Increased contributions to headline earnings from Tsogo Sun, as a result of an increase in gaming win as well as hotel occupancies, and our media assets, predominantly through higher advertising and subscription revenue, were well supported by the results of HCI Coal and Vukani Gaming. Both these assets have increased their underlying profitability in the current period and are significant generators of cash for the group," HCI said.The company reported a 40% rise in headline earnings per share to 405.28c for the period, from 290.1c a year ago. A dividend of 24c was declared.HCI said its difficulties with turnarounds in textile company Seardel, manufacturer Formex and alcohol producer KWV had not yet resulted in positive earnings coming through."Progress at Formex has been disappointing and...
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