Fin24

Sun forecasts lower earnings

2010-01-29 16:26

Johannesburg - Hotel and leisure group Sun International [JSE:SUI] advised on Friday that basic and headline earnings per share for the six months ended 31 December 2009 are expected to be between 20% and 30% lower than the 350c and 351c per share of the previous corresponding period, respectively.

Diluted adjusted headline earnings per share are expected to be between 35% and 45% lower than the 334c per share of the previous corresponding period.

Excluding adjustments relating to foreign exchange rate movements, adjusted headline earnings per share are expected to be between 25% and 35% lower than the previous period, the group said.

"Overall trading for the six months remained subdued. Although casino trading patterns in the second quarter ended 31 December 2009 were similar to the first quarter of the current financial year, hotel occupancies and average room rates achieved showed further deterioration," the group added.

- I-Net Bridge