eMedia gets profit boost amid cost-containing efforts
eMedia Holdings, which owns eTV, eNCA and OpenView, said its profit from continuing operations more than doubled to R102m in the six months to end-September, and that it managed to cut costs and increase advertising revenue in a tough market for media.
eTV’s market share increased to 18.5% from 16.3% in the previous period, while the platform’s advertising revenue increased by 4%. eTV’s operating expenses were also reduced by 5% to R233.5m.
“Management is reviewing the schedule to maximise slots that are currently unprofitable. July saw the launch of the new 6.30pm drama series, Isipho, as well as the dubbed 5.30pm Afrikaans telenovela Die Vreemdeling. Initial ratings are encouraging for both time slots,” the company said.
The company said its revenue increased 6.6% to R1.2bn in the given period.
eMedia said its headline earnings per share (HEPS) more than quadrupled to 15.44c. It declared an interim dividend of 10c per share.
During the interim period it completed the sale of publishing company Jacana Media.
Said eMedia, “Management continues to review the non-core and peripheral businesses and will exit these businesses when opportunities present themselves.”