Listed pay television operator M-Net on Thursday posted what it called ”satisfactory results” for the year to end March 2003, with reality shows like Big Brother and Idols helping revenue grow R100-million to R1,4-billion.
The company said in a statement that despite ”a challenging economic and media environment” it recorded headline earnings of R127-million, equivalent to headline earnings per share of 50,2 cents compared to 37 cents per share in 2002.
Total revenue increased to R1,4-billion from R1,3-billion and profit before taxation for the year amounted to some R194 million.
M-Net chief executive Glen Marques said better operational efficiencies and cost management lifted earnings.
”Advertising revenue grew as a result of the strong M-Net schedule. Reality shows like Big Brother 2 and Idols contributed to this improvement through increased advertising and sponsorship opportunities,” the company said.
The company’s subscriber base in Africa was 1,3-million strong at the end of March, all but 260 403 of whom were in South Africa.
”The overall number of subscribers in South Africa remained static and this market must now be regarded as mature. The subscriber base across sub-Saharan Africa increased by 36 724 subscribers,” the company said. – Sapa