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Rand eats into Sun International earnings

Feb 28 2011 10:00 Reuters

Company Data

SUN INTERNATIONAL LIMITED [JSE:SUI]

Last traded 128
Change 0
% Change 0
Cumulative volume 366610
Market cap 0

Last Updated: 30-03-2015 at 04:17. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Gaming and hotel group Sun International [JSE:SUI] reported a flat first-half profit, hit by unfavourable swings in currencies and warned of little growth for the remainder of the year.

Sun International, which runs South Africa's Sun City resort, said on Monday adjusted headline earnings per share totalled 215 cents in the six months to end-December, little changed from the previous year.

The company, whose revenue grew to R3.4bn from R3.2bn, said excluding the currency movements, headline earnings per share would have grown 13%.

Shares in Sun International edged down 0.20% to R97.80 by 09:30, in line with the broader JSE All-share index.

Sun International has lost nearly 7% of its market value this year, underscoring the tough climate in South Africa, where consumers are squeezed by high debt and unemployment.

The company said it expected little growth in the remainder of the year, due to a slow recovery at its gaming unit and weaker business in its hotels unit.
sun international

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Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 

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