OWN CORRESPONDENT, Johannesburg | Tuesday 7.30pm.
LEISURE giant Kersaf Investments on Tuesday announced sharply improved results for the year to June 30.
The management and investment group’s revenues rose 3% to R2,84-billion, while profit increased dramatically 21% to R836,9-million. The combined figures reflect a healthy improvement in margins.
Reflecting profits, earnings attributable to shareholders increased by 23% to R363,6-million.
Within the group, City Lodge performed well, maintaining occupancy levels of 74%, down 4% but well ahead of the current industry norm of 52%.
Chairman Buddy Hawton said he was especially happy with the results given the economic slowdown and increased gaming and hotel industry competition.
“This performance reflects the fundamental strengths inherent in our businesses, all of which made a contribution to earnings, with a particularly good performance from Sun International Hotels,” he said.