At the conclusion of a year marked by a corporate restructuring transaction‚ changes in senior management and the board of directors‚ as well as a significant cost-reduction initiative‚ Times Media Group (TMG) has reported a diluted headline loss per share of 16c compared with headline earnings of 5c per share the previous financial year.
The group said the year to June 30 included a number of complexities‚ including accounting for a reverse acquisition‚ the impact of the change in year-end from March to June‚ and accounting for discontinued operations.
Among other transactions‚ the group acquired the remaining stake in BDFM and disposed of financial information provider BDlive.
Financial highlights included the media division’s performance‚ with operating profit before exceptional items lifting 58% from R108m to R171m on stronger advertising spending‚ reduced printing costs in Gauteng and aggressive overhead cuts.
"TMG has also achieved great success in reducing its R1.15bn term debt (raised in September 2012 to fund the scheme of arrangement) by R452m to R698m as at the June 30 reporting date‚” it said.
Net cash of R514m was generated from operations (2012: R392m) on tight management of working capital.
"Operating costs from continuing operations decreased by 3% to R802m from R829m in the prior year‚ indicating the benefits of the group’s focus on costs during the year‚” TMG said.
It said profit from continuing operations before exceptional items‚ at R225m‚ was 20% ahead of the prior year’s R187m. © BDlive 2013