Multichoice Results

Africa’s largest pay-TV group MultiChoice reported its first full-year profit as a stand-alone company on Wednesday, in the middle of a range it forecast last week. The company, which serves 19.5 million households in 50 countries on the continent, was spun off by parent company Naspers last year, and initially struggled with losses in its operations outside its home market, South Africa. But it said on Wednesday that during its first full-year since the split from Naspers, it had benefited from favourable foreign exchange movements, cut costs and improved the performance of its businesses elsewhere in Africa. CEO Calvo Mawela said the company was pleased with its performance, but that it faced “unprecedented times”.
“Our healthy balance sheet positions us well to weather the uncertainties in our markets going forward,” he added.