e.tv owner HCI reports 540% fall in profits

Montecasino
Montecasino

Hosken Consolidated Investments, the owner of free to air television station e.tv as well as gaming and hotel interests, reported a 540% fall in profit, recording a loss of R7.3 billion according to its reviewed provisional results for the year ended 31 March. 

The group's profit before tax declined 421% to R8.9 billion.

Its media and broadcasting business reported a 53% climb in profit before tax to R120 million in the year to end-March, while its gaming and hotel units reported losses in the period.

HCI's gaming operations "have remained closed as a result of the remaining restrictive measures and its hotel operations' ability to trade remains restricted", it said in a statement on the JSE.

Its transport, media and broadcasting and properties were among the businesses which reported growth in profits, while its gaming, hotels and coal mining companies were among those which reported declining profits.

Certain of the group's operations were impacted by the lockdown, while some of these operations have slowly been phased in again from 1 May with the easing of restrictions, its report read.



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