"We give our print media three to seven years to get into profitability. We expect The Times to break even in three years' time."

The Times newspaper and website were launched in 2007 as a "two-prong strategy" into multimedia and the retail advertising pie. It had cost Avusa hundreds of millions of rands to prop up the investment to date.

Botha held up a copy of the The Times newspaper, asking where the front page advertising was.

Although The Times posted a 132% growth in revenue, it still posted a loss of R25m for 2009 compared to a loss of R39m in 2008.

Desai defended the investment: "The Times has performed in line with our expectations. It has increased retail advertising by 40% since last year.

SHOOT: In the current economic climes, a losing horse is not something you want to back. You want to back something that is already making money, something that has already proved itself through thick and thin. Sure, try new things, but does it make sense to have a long term acquisitive strategy during a recession? South Africa's total internet market is a measly 5 million. Just a thought.

clipped from www.fin24.com Johannesburg - Directors' remuneration and the time expected of The Times newspaper to claw itself into profit figured high at media group Avusa's maiden annual general meeting on Monday. Shareholder activist, Theo Botha, also criticised Avusa CEO Prakash Desai's claim that the group had reported "commendable" year-end results. "If all of your divisions made less profit than they did the year before, how do you call that commendable?" said Botha. Avusa's media division reported a R252m profit compared to R283m in the comparable period, while its retail division posted a R79m profit compared to R87m in 2008. Its entertainment unit reported a R5m profit compared to R24m the year previously, while its profit from books and maps dropped to R83m from R109m. Botha specifically questioned Desai on when Avusa's digital strategy of The Times would make a profit.