JSE-listed MIH Holdings has reported an interim operating loss of R493 million. The company attributes the loss in part to the continuing development of its Internet strategy.
The company turned in a headline loss per share of 74.8c with earnings before interest, taxation, depreciation and amortisation loss of R133 million on revenue of R2.6 billion (1999: R2.2 billion).
The group is moving along well with its television division turning in gross earnings of R218 million.
Administration costs for growing the business amounted to R1.3 billion.
Developing Asian and African Internet businesses cost MIHH R245 million and development losses on joint ventures - mostly with portal M-Web - amounted to R88 million.
Mindport IBS cost the company R90 million in development costs. The broadband company made the news on Tuesday when it merged with US-based group Noochee Solutions.
The group says that despite the figures, which an analyst described as "dismal", it will remain focused on growing core television businesses.
It will also remain focused on software solutions for encryption, broadband and other media applications and on building long-term value in its Internet businesses.
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