Tough second half for Tiso media business

Tiso Blackstar Group warned on Wednesday that it expects a tough second half for its media business, with political uncertainty in the run-up to the elections and rising newsprint costs expected to weigh on performance.

CEO Andrew Bonamour said tough economic conditions, characterised by low growth, and rising input costs “have forced a continued review of costs across the [media] division”.In the six months to end-December, Tiso increased revenue 2.9% to R2bn, while operating profit from continuing operations were up 21.6% to R144.1m. Tiso’s operating costs were down 5.5% to R442.5m. The company reported a total comprehensive loss for the period of R66.5m, compared with a loss of R57.

He said Robor’s merger with another steel company, Macsteel, had not materialised. The Competition Commission recommended to the Competition Tribunal in December that it approve Robor’s acquisition of Macsteel’s tube and pipe business.

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