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Kagiso Media posts jump in profit

Sep 14 2012 09:19

Johannesburg - Kagiso Media Limited [JSE:KGM] reported that basic earnings per a share rose 211.8% to 474.5 cents a share, versus 152.2 cents a share at the same time last year, the company said on Thursday.

Earnings per share from continuing operations rose to 139.2 cents, versus 118.3 cents last year, Kagiso said in a statement.

For the year to June 30, results were bolstered by the sale of Kagiso's 50% stake in LexisNexis for R565m.

Revenue was up 21.3% to R956.9m, from R789.2m last year.

Operating profit rose 2.6% on continuing investment for growth, while cash holdings were R473.2m, rising from R233.2m last year.

The company said the Juta Group was acquired in a R300m cash transaction, and broadcasting assets performed strongly.

The acquisitions by the company has created a platform for growth in Africa.

"We remain strongly capitalised and retain the capacity to pursue further acquisitive growth within the domestic market and potentially in the sub continent as well," said chief executive Murphy Morobe.

"A platform for growth into selected markets in East and West Africa is now in place."

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