The share price of hotel and gaming group Sun International jumped as much as 4,6% or R3,50 on Monday morning after the company said it expects adjusted headline earnings per share for the half-year ending December 31 to be between 30% and 40% higher than those of a year earlier.
By 10.40am local time, Sun International shares were quoted on the JSE at R78,50, still 4% or R3 up on Friday’s close of R75,50. Their best level so far on the morning was R79.
In its trading statement, Sun International said that October and November trading remained strong with revenues 14% and 22% above the previous year, respectively. The expected improved earnings performance is due to this strong trading and improved margins.
Including the profit on the sale of the group’s interest in City Lodge Hotels, interim earnings per share are expected to be 160% to 170% higher than those of a year earlier, the company added.
Sun International plans to release its interim results on March 2 next year. — I-Net Bridge