Data provided by McGregor BFA
All data is delayed
Loading...
See More

Sun International profits slide

Feb 26 2010 16:36 Sikonathi Mantshantsha

Related Articles

Sun profits take a beating

New gaming giant born

Sun forecasts lower earnings

Union: Sun strike 'worth it'

Sun, union settle wage dispute

Sun fights back over strike

 

Johannesburg - Gaming and hospitality company Sun International saw an 18% drop in net profit, despite a marginal revenue increase in the half year to end-December.

True to the adage that punters tend to try their luck more at casinos in a tighter monetary environment, the company notched a 5% revenue increase from its casinos while both food and hotel revenues slipped slightly.

The R409m hotel room revenue was 14% lower than the previous period, while the R466m food and beverage revenue dropped 2%.

Sun International's total revenue came in at R4bn. Headline earnings per share were 36% lower at 213c.

However, Sun International has put a positive spin to the numbers, saying trading conditions were stabilising and some growth in revenue is forecast for the remainder of the year, in part due to the anticipated benefits of the 2010 Fifa World Cup.

"The expected improved revenue performance, lower interest costs and non-recurrence of the significant foreign exchange movements that occurred in the first half are anticipated to result in an improved earnings performance in the second half," said CEO David Coutts-Trotter. "Headline earnings per share for the full year, however, will be below last year."

- Fin24.com

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

An uncomfortable election

The latter few weeks of election 2014, have seen South Africans reeling from an assault on their comfort zone when it comes to voting, writes Daniel Silke

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...