Independent Newspapers South Africa posts 7.9% fall in H1 revenue.

By bne IntelliNews September 4, 2012
The South African business of Irish media group Independent News & Media (INM) recorded a revenue of EUR 93.4mn for the first six months of 2012, down 7.9% y/y due to negative foreign exchange fluctuations, Business Day reported. The companys operating margin fell to 12.2% in H1 2012 from 18.8% a year earlier. Independent Newspapers SA, which publishes The Star, the Pretoria News, the Cape Times, Business Report and other daily and weekly publications, and also owns the countrys largest property website, is expected to be sold by the indebted Irish media group, which needs funds to repay about EUR 400mn bank debts by March 2014. A consortium led by South African Sekunjalo Investment Holdings has placed a bid, reportedly worth between ZAR 2.3bn and ZAR 2.4bn (EUR 227.3mn) for the South African publisher, which expires in 30 days. Several other groups have also expressed interest in Independent SA. Independent SA workers have set up a staff trust with the aim of buying a stake of up to 25%.

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