MultiChoice warns loss will more than double on Showmax spend, foreign exchange hits
DStv owner MultiChoice warned on Thursday its headline loss will more than double in its year to end to end-March, when it took hefty foreign exchange hits, spent more on Showmax , and grappled with a generally weak consumer environment.
The group said in a trading update that its headline loss per share is expected to worsen by between 136% and 140% from R3.01, or R1.3 billion, in 2023. It was hit by R3.6 billion in losses related to the effects on inter-company loans in its 2024 year, amid a sharp depreciation in the Nigerian naira, and a R1 billion writedown of its IT systems.
The group said it absorbed a total hit of R4.5 billion related to weaker currencies, expecting to report a fall in trading profit of as much as 23% from the R10 billion it reported in 2023. The trading loss of Showmax worsened by R1.4 billion, it said.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
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