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Sun International’s shares jump after improved earnings

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Excluding write-downs, Sun International said it was profitable on a headline-earnings basis

Shares in Sun International were up 4.3% on Wednesday morning after the resort operator said its loss in the year ended December 2018 would narrow.The group said its basic loss per share for the year would be between 5c and 7c, versus a loss of 248c per share in 2017.

The company said it had impaired the carrying value of its Sun City and certain Panama assets by R337m. Excluding the write-downs, Sun International said it was profitable on a headline-earnings basis. Adjusted diluted headline earnings per share were expected to be between 275c and 330c a share, versus the prior year’s 298c profit per share.

“Despite the ongoing weakness in the South African economy and challenging trading conditions, the group’s South African comparable operations achieved growth in gaming revenue and a satisfactory earnings performance given the 1% VAT increase in April 2018.” However, Sun City’s results were weaker than expected partly due to the cancellation of a few large conferences, the group said.The Latin American operations recorded “strong performances” in the second half of the year.

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