|
SUI
SUI
SUI - Sun International Limited - Business Update for the Quarter and Nine
Months to 31 March 2007
Sun International Limited
(Registration number 1967/007528/06)
Share code: SUI ISIN: ZAE000070678
Business Update for the Quarter and Nine Months to 31 March 2007
Trading
Trading for the quarter to 31 March 2007 was excellent with overall revenues 20%
ahead of the previous year. Gaming revenues for the quarter continued to
perform extremely well and were 21% above last year with all the major gaming
properties contributing strongly. The revenues for April 2007 were 17% ahead of
the previous year at R610 million.
Rooms revenue increased by 15% and the average occupancy for the group`s hotels
and resorts for the quarter was 75%, 4 percentage points above the previous
year.
The overall EBITDA margin continued to improve over the first half to 37,6%, a
2,3 percentage point improvement over the comparative quarter last year.
Summary of Group Revenue and EBITDA
R millions
Quarter Year to Date
3 Months to 31 March 9 Months to 31 March
Unaudited % %
2007 Change 2006 2007 Change 2006
Revenue 1762 20 1474 5141 16 4416
Casino 1358 21 1119 3951 18 3350
Rooms 212 15 184 598 15 519
Food & Beverage 192 12 171 592 8 547
and Other
EBITDA 662 27 520 1879 25 1506
EBITDA Margin (%) 37.6 35.3 36.6 34.1
Developments
GrandWest`s major casino expansion and arena remain on schedule for completion
in June and October 2007 respectively. The entire project is anticipated to be
completed within the previously advised cost of R450 million.
Construction of the 98 room hotel at the Golden Valley Casino in Worcester is
progressing well and is expected to be completed by March 2008 at a cost of R65
million.
The refurbishment of the Sun City main hotel is also progressing well with 170
rooms scheduled for completion in November 2007.
The additional 57 rooms at Carnival City were completed at the beginning of
April
2007 within the budgeted cost of R50 million.
Proposed Investment in Chile
The group has announced its intention to take up a 40% effective equity interest
in a Casino project at Mostazal, approximately 60km south of Santiago, Chile.
The project will consist of 1500 slots, 80 tables, 300 bingo positions as well
as a 150 room hotel and food, beverage and conference facilities. Sun
International`s involvement remains subject to the country`s regulatory process
and if approved, the group will acquire the equity and will also benefit from a
development management agreement and a long term consultancy services agreement.
Construction is anticipated to commence in June 2007 with the casino scheduled
to open in mid 2008.
Developments regarding shareholding in SunWest
Shareholders have previously been advised of the in principle transaction which
would result in Grand Parade Investments (GPI) holding a 30% economic interest
in SunWest. The transaction remains subject to the fulfilment of a number of
conditions precedent, including various regulatory and shareholder approvals.
Update on Afrisun Litigation
The previously advised Afrisun Leisure Investments litigation against Sun
International (South Africa) Limited (SISA) is proceeding and SISA continues to
defend the claim.
Outlook
Continued strong growth in revenues and EBITDA is expected in the final quarter
of the year. The exchange gain of R52 million which was recorded in the
previous year is not anticipated to recur this year and therefore adjusted
headline earnings per share growth for the full year is likely to be slightly
lower than that achieved in the first six months of the year.
Sandton
2 May 2007
Sponsor: Investec Bank Limited
Date: 02/05/2007 12:57:20 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
