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African Media profits fall

African Media Entertainment (AME) on Tuesday reported a 1% drop in diluted headline earnings per share in the six months to September from the corresponding period‚ attributing the drop mainly to the lower number of shares in issue following share repurchases.

Revenue dropped 9% to R96.3 million and operating profit declined 13% to R21.420 million. An interim dividend (dividend no. 2) of 100 cents per ordinary share was declared.

National sales on both the Algoa and OFM platforms were below expectation but the second six months started well and in line with expectation‚ the company said. “The diversification and expansion programmes of our radio platforms into other local media brands continue to positively contribute toward the bottom line.”

Looking ahead‚ the company was cautiously optimistic on its year-end results reflecting an improvement over the prior period. - I-Net Bridge

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