Rise in foreign visitors a boon for Sun International August 29, 2008
By Sapa
Sun International's casinos appear to have weathered the economic downturn. This emerged from the leisure group's results for the year to June, which were released yesterday.
Despite tough economic conditions and lower consumer spending, the firm reported an 11 percent rise in earnings before interest, tax, depreciation and amortisation. Adjusted headline earnings a share rose 3 percent.
The group said the economic climate was mitigated "to a degree" by an increase in international visitors.
Group revenue was 10 percent up at R7.6 billion. Diluted adjusted headline earnings a share of 39c was 3 percent ahead of last year.
Gaming revenues grew 9 percent to R5.8 billion with slots growth at 9 percent and table growth at 12 percent. Hospitality and other revenues grew 12 percent. Total capital expenditure for the year was R861 million, including expansions and refurbishment.
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