Sun International half year headline earnings growth expected between 10 to 15%

Posted On Wednesday, 11 February 2015 11:46 Published by
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Sun International half year headline earnings growth expected between 10 and 15 percent.

 

Sun International hotel

Sun International Limited earnings are likely to be between 826 to 859 cents per share, which is 155% to 165% higher than the 324 cents of last year due to sale of group's shareholding in Botswana, Lesotho, Namibia and Zambia.

Headline earnings are likely to be 359 to 375 cents per share, which is 10% to 15% higher than the 326 cents of last year.

The difference between earnings per share and headlines earnings per share is largely attributable to the profit realised from the sale of a significant portion of the group's shareholdings in the group's operations located in Botswana, Lesotho, Namibia and Zambia.

Diluted adjusted headline earnings are likely to be between 401 and 417 cents per share, which is 20% to 25% higher than the 334 cents reported last year.

The improved performance is predominantly due to restructuring initiatives across the group, in particular South Africa, and an improvement in Monticello casino revenue which was up 18.2% as the property continues to recover from the smoking ban implemented in Chile in March 2013. Profitability was negatively impacted by the results of the Ocean Sun Casino in Panama which is in its startup phase.

Casino revenue in the group's South African operations is up 5.4% in comparison to last year. The Group's EBITDA increased by 14.5% in comparison to last year. The company expects to be expected to be released on SENS before the end of February 2015.

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