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Phumelela posts earnings rise

Johannesburg - Phumelela Gaming and Leisure [JSE:PHM] on Friday reported a 5% rise in diluted headline earnings per share to 82.76 cents for the year ended July 2011, from 78.62c a year ago.

The company said local trading conditions remained challenging while the strong rand and the termination of the Racing UK rights agreement in the previous year had a negative impact on international operations.

The group's total income rose by 4% to R883.2m.

It added that a strong performance by the group's Isle of Man (IOM) tote operation helped lift net betting income by 6% to R666.3m, with local operations up 4% to R620.7m and the IOM tote up 55% to R45.6m.

Other operating income - comprising bookmakers' levies, unclaimed dividends and breakages, stable rentals, limited payout machines (LPMs) and local and international broadcasting levies/fees - dropped by 3% to R204.4m, primarily due to the termination of the Racing UK rights agreement in the previous year.

Bookmaker levies increased by 14% to R40.6m and income from LPMs increased by 56% to R11m, benefiting from an increased LPM footprint in Gauteng.

Attributable earnings slipped by 2% to R62.4m and headline earnings rose by 5% to R62.9m.

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