Company says it has prioritised cost management and disposal of noncore assets
Tiso Blackstar Group said on Wednesday its media business had a tough second quarter in the six months to end-December as traditional revenues came under pressure from reduced marketing spend.
CEO Andrew Bonamour said tough economic conditions, characterised by low growth, and rising input costs “have forced a continued review of costs across the [media] division”.In the six months to end-December, Tiso increased revenue 2.9% to R2bn, while operating profit from continuing operations were up 21.6% to R144.1m. Tiso’s operating costs were down 5.5% to R442.5m. The company reported a total comprehensive loss for the period of R66.5m, compared with a loss of R57.
He said Robor’s merger with another steel company, Macsteel, had not materialised. The Competition Commission recommended to the Competition Tribunal in December that it approve Robor’s acquisition of Macsteel’s tube and pipe business.
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