Sun Group
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Sun Group


Sun Group

Seven Percent Revenue Growth for Sun Group

May 12 - The Sun Group, one of South Africa's largest gambling, entertainment and tourist entities, reported revenue of R1,88 billion, up from last year's R1,76 billion. This translated to a 7% rise in revenue for the third quarter period to March.

Earnings before depreciation, tax and amortization were up 6% to R704 million.

Yet despite these impressive figures, the Sun Group has warned that less than ideal casino trading conditions may affect future growth in the company. Less consumer spending has been reported due to the rising cost of living and higher interest rates.

"The performance of group casinos reflected difficult conditions affecting consumer spending in SA," said Sun International.

Carnival City and the Boardwalk, two casinos in the Sun Group's portfolio of gambling locations, reported a loss of 3% and 4% in revenue. However, these figures were offset by a 9% revenue growth at Cape Town's GrandWest and an impressive 12% growth at Sibaya Casino.

All in all, casino revenue for the Sun Group rose 6% to R1.44 billion from last year.

The Sun Group shareholders were also told that investments in South Africa, as well as Chile and Nigeria, were on target and going as planned. Average room occupancy at all the group's casinos and resorts was around 78%, while room revenue grew to R243 million - an increase of 15%. It is expected for room revenue to climb even higher as tourists take advantage of favorable currency rates to visit South Africa.

The Sun Group runs some of Southern Africa's top destinations, including Sun City, the Wild Coast Sun, Gaborone Sun and the Royal Livingstone in Zambia.

    Seven Percent Revenue Growth for Sun Group Tell A Friend

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Sun Group


Sun Group

5/12/2008 5:13:21 PM
 
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