Sisa shares last were quoted on the JSE Securities Exchange SA at R2.80, down from R2.90 at Friday's close, with 525,552 shares valued at R1.47 million having changed hands.

After market close on Friday, Sisa announced adjusted headline earnings per share of 15.0 cents, 107% up on the previous year's earnings, and declared a final dividend of 3.5 cents per share, bringing total dividends for the year to 6.0 cents per share.

The dividend was more generous than most expectations of 5.2 cents, and headline earnings were ahead of a forecast consensus of 13 cents per share.

Attributable earnings for the 12 months were up 160% at R143 million, with earnings before interest, tax, depreciation and amortisation (ebitda) up 27% to R1 billion.

Ebitda margins rose 1.10 percentage points to 26.7%, contributing more to the performance than the 14% rise in overall revenues to R3.8 billion.

Analysts commented that, despite the forecasts, the market generally had been expecting a better improvement in headline earnings from the company on the back of South Africa's strong tourism industry and continued good attendance at many of Sisa's casinos.

Thus good news had already been built into the share price and, one noted, Monday's sell-off had been minor.

Three once-off charges totalling R110 million had depressed the results, they noted, including a large R62 million for interest-free loans to the Employee Share Trust, a R23 million payment to the Western Cape Gambling Board to settle a licensing fee dispute and 25 million rand for post-retirement fund medical aid benefits.