African Media Entertainment (AME) suffered a 5 percent drop in profit for the first half to September, due to tough trading conditions, the owner of Bloemfontein’s OFM radio station reported yesterday.
AME said national sales on its Algoa and OFM radio stations were below expectations but the second six months from October had started well, in line with predictions.
Group revenue dipped 9 percent to R96.3 million. Subsidiaries Mahareng Publishing and Redstar Talent turned a profit and were “tracking well against budget”.
United Stations, a specialist radio sales house, experienced tough trading, while RadioHeads had refined its strategy to develop content across radio platforms.
An interim dividend of R1 a share was declared. The stock rose 0.19 percent to R52.11 yesterday. – Asha Speckman