Sun International expects profit to rise
December 13, 2005
South Africa's biggest hotel and casino operator, Sun International, expected first-half headline earnings to jump by up to 40 percent, it said yesterday.
Shares in the group rose R1 to R75.50 after it said in a trading update that it expected headline earnings a share to be 30 percent to 40 percent higher than a year ago.
"As a consequence of the strong trading and improved margins, adjusted headline earnings per share for the half-year ending December 31 are expected to be between 30 percent and 40 percent above the same six-month period in the previous year," the company said.
Normal earnings a share were expected to be 160 percent to 170 percent higher due to the sale of its stake in the City Lodge hotel chain.
- Reuters, Johannesburg
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