Tough times? Not for Sun International

Gambling in Sun International’s casinos appears to have weathered a downturn in the economy.

This emerged from the leisure group’s results for the year ended June 30 2008, which were released on Thursday.

Despite toughening economic conditions and lower consumer spending, it reported an 11% increase in earnings before interest, tax, depreciation and amortisation (Ebitda).

Adjusted headline earnings per share for period under review showed a 3% rise.

The group said the economic climate was to a degree mitigated by an increase in international visitors.

Group revenue at R7,6-billion was 10% up on the previous year, with a 0,3-percentage-point improvement in the Ebitda margin to 37,2%. Diluted adjusted headline earnings per share of 39 cents were 3% ahead of last year.

A final dividend of 258 cents per share was declared, bringing the total dividends per share for the year to 480 cents, 20% above last year.

Gaming revenues grew by 9% to R5,8-billion with slots growth at 9% and table growth at 12%, while hospitality and other revenues grew by 12%.

Total capital expenditure for the year was R861-million and included expansions and refurbishment.—Sapa

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