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Tsogo Sun ups profit 12%

Johannesburg - Africa's biggest hotels and casino operator Tsogo Sun Holdings reported a 12% in full year profit as low interest rates and higher wages boost demand for leisure spending.

Tsogo, 40%-owned by brewer SABMiller [JSE:SAB], said adjusted headline earnings per share totalled 121.5 cents in the year to end March compared with 108.5 cents.

Consumer are warily spending again in Africa's biggest economy thanks to decades-low interest rates and above-inflation wage settlements

Tsogo said it had enough cash to pursue its growth strategy.

Shares in the company, which are valued at $2.53bn, are up about 11% so far this year, outpacing a 5% gain in the JSE All Share [JSE:J203] index.

 
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