Sun slips into the red

Hotels and gaming group Sun International on Wednesday warned shareholders it expected to report a decline in earnings for the year to June 2016.

|||

Johannesburg - Hotels and gaming group Sun International on Wednesday warned shareholders it expected to report a decline in earnings for the year to June 2016.

Its results will be published on Monday.

The share price tumbled nearly 6 percent at 9.30am after the trading update.

It said its loss per basic share is likely to be between 400 to 447 cents per share, or 142 percent to 147, compared to the 950 cents earnings of last year; and its headline loss per share is likely to be between 370 to 420 cents per share, a decline of between 159 percent to 167 percent.

Read also: Sun International shelves Peermont buyout

Sun forecast diluted adjusted headline earnings per share, which the company considers to be the most meaningful measure of its performance, to come in at between R6.08 and R6.47 a share, or between 18 percent to 23 percent lower than last year.

The adjusted headline earnings per share had been restated to exclude certain once off items, as well as an increase in rentals in Nigeria off the back of forex movements.

BUSINESS REPORT

Grab a copy of Business Report tomorrow for more on this issue.