Sun International (south Africa) Limited - Trading
Sun International (South Africa) Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1977/071333/06)
Share code: SIS ISIN: ZAE 000010104
("the Group")
TRADING UPDATE
Conditions in the resort and hotel industry as well as in the casino
industry have deteriorated further since the Group's 2001 profit
announcement dated 23 August 2001. The events of 11 September 2001 have
resulted in a large number of cancellations of hotel bookings from
international markets particularly in the group and convention sectors.
Furthermore, the forward booking trend is well below historical levels.
Casino revenues remain under pressure as a consequence of the slowing
economy and the increasing competition for consumer disposable income. This
has resulted in year on year declines in the casino revenues in certain of
the provinces in which the Group trades including Gauteng.
In light of the current trading conditions, which are anticipated to
continue for the foreseeable future, the Group has commenced a number of
cost reduction initiatives to protect operating margins. Despite these
initiatives and an overall improvement in revenues and operating cash flows,
the Group will report significantly lower attributable earnings for the year
to 30 June 2002 than previously anticipated.
Sandton
27 November 2001
Sponsor
ING Baring
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