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Johannesburg - South Africa's Sun International Ltd reported an 8% fall in third quarter core profit as trading conditions deteriorate and said the rest of the year would be difficult, hitting its shares.
Sun International, the biggest casino and gaming group in South Africa, said on Thursday earnings before interest, tax, depreciation and amortisation (Ebitda) fell 8% to R648m in the March quarter.
Revenue rose 6% to R1.9bn and the Ebitda margin dropped to 32.5% from 37.3%.
Shares in the company fell 5.72% to R74.01 by 15:31, lagging a 1.03% dip in the broader all-share index.
Sun International has been hit as consumers in South Africa rein in spending on gambling due to a economic downturn, while tourism from abroad has slowed due to the global financial crisis.
It said trading at its gaming operations for the rest of the year was expected to remain subdued, while local and global economic conditions would negatively impact the hotels and resorts business.
- Reuters