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Tsogo Sun suffers decline in earnings

Jun 09 2010 18:40

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Johannesburg - Gaming and hotels group Tsogo Sun Holdings on Wednesday reported a decline in diluted earnings per share from 363.4 cents to 342.8 cents for the year ended March.
     
The group said the past financial year proved to be one of the most difficult trading periods in its history.
    
Total income of R5.8bn was 2% below last year and earnings before interest, income tax, depreciation, amortisation, property rentals,
long term incentives and exceptional items (Ebitdar) at R2.3bn reflected a 12% decline on the prior year, it said.
     
"This result was driven principally by the hotel divisions which reflected a year-on-year decline in Ebitdar of 29% (pre-foreign exchange losses) on the back of the lowest occupancies on record as a result of the macro-economic environment," Tsogo Sun stated.
     
"The underlying operations of the group remain sound and are highly geared towards the South African consumer (in gaming) and corporate
market (in hotels). The group is poised for growth if these sectors of the South African economy improve as expected," it added.
     
- I-Net Bridge
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