Related Articles
Top Stories
May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Johannesburg - Despite a difficult trading
environment, Gold Reef Resorts (GDF) reported on Friday that headline
earnings per share for the nine months ended September had increased by 5%
to 86c from 81.8c for the previous comparative period.
The group saw increases in both revenue and earnings before interest,
tax, depreciation, amortisation and rentals (Ebitdar). Revenue grew 3% to
R1.6bn compared to the same period last year with market share improvement
in Gauteng. Ebitdar increased 5% to R633m.
The company continued its active focus on cost control, growing the
Ebitdar margin to 38,5%. Employee cost pressures were offset somewhat by
headcount reductions through natural attrition and operating costs were well
managed in spite of substantial increases in electricity costs in the second
half of the financial year, the company said in a trading statement.
On developments within the company, Gold Reef said the major
refurbishment undertaken at Golden Horse Casino, which included the
gaming floor, food and beverage facilities and conferencing, was
substantially completed and included the successful implementation of
smartcard gaming.
The refurbishment at Garden Route Casino is currently underway with
smartcard gaming having been successfully launched at this property too.
The renovation of the Theme Park hotel is also progressing well with
construction of the main hotel building anticipated to be completed this
year. The balance of the renovation is expected to be completed in the first
half of 2010.
Looking ahead, the company said the tough trading conditions are
expected to persist into the fourth quarter of the financial year with
consumer activity likely to remain relatively subdued.
"Notwithstanding this, Gold Reef remains well positioned to benefit
from an improvement in economic conditions and strengthening of consumer
confidence.
"Focus on costs will remain a priority and the Company will continue to
pursue development initiatives of its casino portfolio," Gold Reef added.
-
I-Net Bridge