Gold Reef anticipates earnings drop
Johannesburg - Gold Reef Resorts [JSE:GDF] expects earnings per share (EPS) and headline earning per share (Heps) for the twelve months ended 31 December 2010 to be 20% to 25% lower than that of the prior comparative period.
Adjusted Heps were expected to be 12% to 17% lower than before, the company said on Wednesday.
Earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) and adjusted EBITDAR were expected to be 7% to 12% and 5% to 10% lower, respectively, than that of the prior corresponding period.
"In addition to EPS and Heps, the company intends publishing adjusted Heps and EBITDAR for the twelve months ended 31 December 2010 and for the prior corresponding reporting period.
"The company is of the opinion that the publication of adjusted Heps and adjusted EBITDAR will assist the understanding of year-on-year trading results."
Adjusted Heps and adjusted EBITDAR were not previously published at 31 December 2009.
This information related to Gold Reef prior to the merger of the respective Tsogo Sun Holdings and the Gold Reef gaming and hotel businesses.