Tiso Blackstar expects an even wider full-year loss
Tiso previously said the drop in earnings is mainly due to once-off costs such as impairments of assets, relocation costs for Hirt & Carter to a new facility and a write-off of its interest in Robor
Tiso Blackstar, the publisher of the Business Day and Sowetan newspapers, said on Friday it expects earnings to drop by as much as 166.3% for the year to June.
The group said its headline loss per share would widen to between 74.84c and 78.37c compared with the headline loss of 29.43c per share in the previous period.
Tiso Blackstar said earlier this week that its headline loss would be between 46.96c and 50.49c.
It said on Friday the reason for this change is because the company had received further clarity on the accounting interpretation for the impairment of equity loans to its steel company Robor, which was recently placed in liquidation.
The company said the revision had no effect on the expected basic loss per share range previously announced, saying this will likely be between 204.49c and 221.64c, a decrease of between 43.0% and 55.0% when compared to the basic loss of 142.96c per share for the comparative period.
The group previously said the drop in earnings was mainly due to once-off costs such as impairments of assets, relocation costs for Hirt & Carter to a new facility and a write-off of its interest in Robor.
Competition authorities recently approved the sale of Tiso Blackstar’s media assets to Lebashe Investment Group.
Tiso Blackstar's shares were 5.41% down, ending the day at R3.50 per share on Friday.