Share

Sun International profits slide

Johannesburg - Gaming and hospitality company Sun International saw an 18% drop in net profit, despite a marginal revenue increase in the half year to end-December.

True to the adage that punters tend to try their luck more at casinos in a tighter monetary environment, the company notched a 5% revenue increase from its casinos while both food and hotel revenues slipped slightly.

The R409m hotel room revenue was 14% lower than the previous period, while the R466m food and beverage revenue dropped 2%.

Sun International's total revenue came in at R4bn. Headline earnings per share were 36% lower at 213c.

However, Sun International has put a positive spin to the numbers, saying trading conditions were stabilising and some growth in revenue is forecast for the remainder of the year, in part due to the anticipated benefits of the 2010 Fifa World Cup.

"The expected improved revenue performance, lower interest costs and non-recurrence of the significant foreign exchange movements that occurred in the first half are anticipated to result in an improved earnings performance in the second half," said CEO David Coutts-Trotter. "Headline earnings per share for the full year, however, will be below last year."

- Fin24.com

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent-ruolie
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders