THURSDAY, 1.30PM
SHIPPING, hotel, gaming and travel group Safren has raised attributable profit 21% to R547,7-million in the year to June 30, the company has announced. It said the performance was mainly derived from a buoyant Safmarine, its mainstay division. Safren chairman Buddy Hawton said Safmarine increased earnings by 39% to R238-million, seeing good performances from all its principal operating activities.
Earnings for Safren came in at 98,4 cents a share, with a 31,5 cents final dividend upping the full-year payout 15% to 41 cents. Hawton said that flagship hotel and gaming operator Sun International recorded acceptable results, despite a drop in room occupancy. Sun’s offshore holdings showed strong growth, with Sun International Hotels’ earnings soaring 84%.
Travel and freight group Rennies saw earnings slip 6% to R55,2-million in the year, with the freight division being hit by losses in the express freight division, and the costs involved in establishing Rennies’ freight logistics operation. Hawton remains upbeat about Safren prospects, stating that the group’s balance sheet is sound, with cash on hand exceeding R900-million.
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