The casino operator company sees tough 2010
Sun International reports full year profit down
(South Africa) .-South Africa's Sun International reported a drop in full-year profit this week as trading conditions deteriorate due to the global economic slowdown.
2009-08-28
Reading time 29 seg
Sun International, the biggest casino and gaming group in South Africa, said diluted adjusted headline earnings per share for the year to end June fell 16 percent to 618 cents, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell 3 percent to 2.7 billion rand (us$ 342.4 million).
The firm has been hit as consumers in Africa's biggest economy, battling its first recession in 17 years, rein in on spending on gambling, while tourism from abroad has slowed due to the global financial crisis.
The casino operator company, which owns South Africa's popular Sun City resort, said it expected trading to remain subdued in 2010, but said its Chile and Nigeria businesses should help it to post a rise in revenue and in EBITDA.
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