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Cullinan full-year earnings rise

Dec 12 2012 12:33 I-Net Bridge

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Johannesburg – Tourism and leisure group Cullinan Holdings [JSE:CUL]‚ on Wednesday reported a 60.71% hike in its diluted headline earnings per share to 4.95 cents for the year ended September 2012.

“The group increased market share during the year‚ with a resultant growth in revenue of 16%‚ with all travel divisions (Inbound and outbound tour operations‚ travel agency retail‚ and coaching and touring) contributing to this growth. Margins were also maintained and costs were well managed throughout the year‚” Cullinan said in a note on Wednesday.

Its revenue increased 16% to R454.8m.

The group declared a final dividend of 1 cent per share‚ its first since 2008.

Cullinan Holdings expects the current positive momentum to continue into the next financial year.

“Whilst there are concerns around external factors such as the economy‚ inflationary pressure and exchange rates‚ the fundamentals of the business are strong. The group owns many leading travel brands‚ has proven leadership within each business unit‚ an ability to increase market share and a robust financial position‚ while a number of fundamental steps have also been taken in 2012 to support the group's growth strategy for the year ahead‚” Cullinan said.  

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