Publications
Partners
Johannesburg - Tough trading conditions in Ireland and South Africa during the first half of financial 2011 reduced revenue and squeezed operating margins at Independent News & Media (INM), which owns Cape Times, The Star, Pretoria News and Business Report.
According to a report in the newspaper on Monday, adverse impact on the bottom line was aggravated by "exceptional items", forcing the company to report a loss of 3.2 euro cents (R0.33) a share for the six months to June. This was down from a profit of 3.7c a share at the previous interim.
Despite difficult trading conditions, the South African operation held up comparatively well. Operating margins in South Africa were squeezed to 18.8% from 21%, but remain well ahead of the Irish margin of 11%.
"All the group titles are profitable and the vast majority enjoy market-leading positions," group chief executive Gavin O'Reilly said.
According to a report in the newspaper on Monday, adverse impact on the bottom line was aggravated by "exceptional items", forcing the company to report a loss of 3.2 euro cents (R0.33) a share for the six months to June. This was down from a profit of 3.7c a share at the previous interim.
Despite difficult trading conditions, the South African operation held up comparatively well. Operating margins in South Africa were squeezed to 18.8% from 21%, but remain well ahead of the Irish margin of 11%.
"All the group titles are profitable and the vast majority enjoy market-leading positions," group chief executive Gavin O'Reilly said.
