phumelela first half earnings report
Click For HomeBookmark This SiteMake Gambling SA Your Home PageSitemapXML News Feed
Gambling South Africa
Club SA Casino
National Lottery Results
PowerBall Results
SA Online Casinos News
SA Sports Betting News
SA Horseracing News
SA Online Casinos Reviews
Slotsheaven Casino NEW
City Club Casino NEW
7 Regal Casino NEW
EU Casino NEW
Winner.com
Sloto`Cash Casino
Casino Las Vegas
Casino.com
Casino Tropez
Noble Casino
Vegas Red Casino
City Tower Casino
Crown Europe Casino
Casino King
Magic Box Casino
Carnival Casino
Enter Casino
Swiss Casino
SA Casino Guide
South African Online Casinos
South African Online Gambling
South African Casino Bonuses
South African Casino Reviews
SA Casino Resorts
Montecasino
Emperors Palace Casino
Gold Reef City Casino
Carnival City Casino
Grand West Casino
Emnotweni Casino
Windmill Casino
Sun City
The Carousel
Suncoast Casino
Meropa Casino
Flamingo Casino
Wild Coast Sun
SA Sports Betting
South Africa Sports Betting
Soccer Betting
Cricket World Cup Betting
Super 15 Rugby Betting
South African Horseracing

Phumelela Reports on First Half Earnings

Published on 23 Apr 2012 at 12:17

April 23 - The South African gaming group Phumelela Gaming and Leisure rolled out its financial report for the six months from August 1st, 2011 until January, 2012.

The leading horse racing and tote betting company reported diluted headline earnings of 44.49 per share, from 42.77 in the previous period.

Highlights of Phumelela's financial report include:

  • Total income for Phumelela increased to R452 million - up 2%.

  • If one excludes the group's Isle of Man totaliser operation, total income actually increased 5%.

  • Net betting income decreased to R323 million - a drop of 3%.  The main reason for this drop in betting income was the fact that the Isle of Man operation was equity accounted in the six month period.

  • Local operations saw their net betting income climb 1%.

  • Operations profit for Phumelela dropped to R43 million  - 21%.

  • Profit before income tax grew 100% from Phulemela's international operations.  This was mainly due to income derived from the export of South African racing media rights and the growth in the number of international punters wagering on South African races.

  • A weakening Rand also saw an increase in international operations.

  • Profit before income from local South African operations dropped a whopping 49%, mainly to an increase in operating costs.

  • Income from fixed odds betting, limited payout machines, bingo and tote betting on soccer and rugby offset the big losses felt from the group's local horse racing operations.

Phumelela Betting Group Looks Ahead

Despite some worrying numbers highlighted in the six month Phumelela first half earnings report, the group said that it was looking ahead and expected its international operations to continue to be in good demand.

Phumelela also expected its local turnovers on South African sports (excluding horse racing) to continue to do well.

Management has promised to give its full attention to the poor revenues in local Tote betting operations.

The statement indicated that the group has sanctioned the South African government on a number of opportunities to address the problem of the lack of a level playing field between the contributions made by Tote and bookmaker betting in the South African gambling industry.

Should the government adopt recommendations made by a sub-committee that changes are made to South African gambling legislation, this could positively impact Phumelela's financial earnings, although these changes would not be felt before year's end.


Related Gambling Articles:
SANZAR Rules Out Super 15 Rugby Expansion
2012 Super Rugby Betting Preview - Week 10
Soccer 6 Picks for 26 April to 3 May 2012
IPL Cricket Orange and Purple Cap Betting
Bulls vs Brumbies Super 15 Rugby Odds
2012 Super Rugby Betting Preview - Week 9
Top Soccer 6 Picks for 19 to 22 April 2012
2012 Bahrain Grand Prix Betting Guide
Important Notice!
Everything you will find on this site is for informational purposes only. We cannot be held responsible if your use of this site and its content results in any consequences, legal or otherwise. It is critical that you, the reader and visitor, understand any laws that are applicable to your country as it relates to online gambling before you engage in any practice that is deemed to be gambling.
For further explanation click here.
Best Rand Casinos
Rand Casino.com Casino.com
Widely regarded as the best online casino to serve the South African market. Brand new R26,000 sign up bonus.
Winner Casino Winner Casino
A Playtech casino tailor made for SA. R2000 bonus.
New Rand Casinos!
Springbok Springbok Casino
New RTG Casino - R11,500 sign up bonus.
Club 777 Casino Club777 Casino
Huge jackpots to tackle with the R6000 sign up bonus.
SA Sports Betting
GreatoddsSportsbet.co.za
This is a great new sportsbook. R100 free bet.
Recommended Slot Games
X MenX Men NEW
Playtech now offer the amazing Marvel Super hero slots, all with progressive side jackpot.
Gold Rally slotsGold Rally
The most frequently won jackpot slot online - often drops for over 10 million Rands.
Lotto Madness slotsLotto Madness
Certainly one of the best looking slots with a multi million Rand jackpot.

phumelela first half earnings report

 
 
© GamblingSA 2002 - 2014 Responsible Gambling Privacy Policy About Us Contact Us Over 18's Only