Tiso Blackstar reports better ebitda
Investment holding company has earmarked R1.9bn of noncore assets for disposal
INVESTMENT holding company Tiso Blackstar’s results for the six months to end-June showed Times Media Group’s (TMG’s) earnings before interest, tax, depreciation and amortisation (ebitda) for core assets was 15% higher at R358m, a 68% contribution to the group’s R522m ebitda.
TMG’s Business Day and Financial Mail publications posted positive ebitda while they fell for Sunday Times and Sowetan, both national titles, due to a decrease in government spending on advertising. The media division saw an overall decline of 12%.
Tiso Blackstar has earmarked R1.9bn of noncore assets for disposal. These assets include Robor, Consolidated Steel Industries and Kagiso Tiso Holdings.