Sun Intl H1 profit flat, sees tough H2
South African gaming and hotels group Sun International Ltd reported a flat first-half profit, hit by unfavourable swings in currencies and warned of little growth for the remainder of the year.
Sun International, which runs South Africa's Sun City resort, said on Monday adjusted headline earnings per share totalled 215 cents in the six months to end-December, little changed from the previous year.
Headline EPS, the main profit gauge in South Africa, strips out certain one-time items.
The company, whose revenue grew to 3.4 billion rand from 3.2 billion rand, said excluding the currency movements, headline EPS would have grown 13 percent.
Shares in Sun International edged down 0.20 percent to 97.80 rand by 0730GMT, in line with the broader JSE All-share index.
Sun International has lost nearly 7 percent of its market value this year, underscoring the tough climate in South Africa, where consumers are squeezed by high debt and unemployment.
The company said it expected little growth in the remainder of the year, due to a slow recovery at its gaming unit and weaker business in its hotels unit.
© Copyright Thomson Reuters 2024. All rights reserved.