Times Media expects flat earnings

Times Media Group has issued a trading statement expecting to announce flat headline earnings per share of 28 cents for the six months ended December 2012.

The group reported the same figure for the same period in 2011.

The group said that its results for the half year period include a R26 million loan impairment and net exceptional charges of R130 million – of which R85 million is added back in the determination of headline earnings.

Times Media Group listed on the Johannesburg Stock Exchange in September last year following the delisting of Avusa.

In mid-June, Time Media’s holding company, Mvelaphanda Group‚ announced a cash and share offer to acquire all the shares in issue in Avusa that it did not already own, in a deal worth about R3-billion.

In mid-morning trade on the JSE, Times Media (TMG) was trading at R14.00, a fraction of a percentage down from its Tuesday close of R14.01.

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Times Media expects flat earnings