Hossken Consolidated Investments (HCI), the parent company of e.tv, reported increased operating profit of 303% to R379,7m for the year to end-March, while revenue climbed 56,6% to R2.1bn.
For the period, e.tv recorded 36% growth in operating profit, boosted by the buoyant advertising market and strict cost controls. It reported that the crop in audience share which appeared in the 2005 report had been reversed.
Interestingly, HCI has also acquired broadcasting licences in east and west Africa this year.
HCI chairman Marcel Golding said that it was anticipated that the African ventures would provide new markets for the sale of e.tv’s intellectual properties andprogramming rights “without substantial cash resources being committed”.
HCI acquired a 77,5% stake in Gauteng-based radio station YFM and for the period under review, the station which focuses mainly on the black urban youth, generated R14m profit after tax, with the group consolidating R5,3m since the date of acquisition. When HCI took over YFM it made some staff changes and as well as instituting cost-cutting measures.
