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Sun international - Business update for quarter and nine months to 31 March 2005
Sun international
(formerly Kersaf Investments Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1967/007528/06)
Share code: SUI ISIN: ZAE000054995
(`the group`)
Business update for quarter and nine months to 31 March 2005
The group`s revenues continue to show excellent growth over the previous year
with casino revenues 19% ahead of last year for both the quarter and year to
date. The Easter weekend, which is a strong trading period in both the resort
and gaming businesses, occurred during March this year versus April last year,
providing additional momentum to this quarter in the current year.
Notwithstanding this, rooms and food and beverage revenues remained marginally
below the previous year in part due to the disposal of Zimbali Lodge and
Mpekweni.
The group`s major casino operations at GrandWest, Carnival City, Sibaya and
Boardwalk all achieved revenue growth in excess of 20% in the quarter.
Carnival City continued to achieve gains in market share and Sibaya generated an
excellent growth of 37% in casino revenues in the quarter compared to the
Sugarmill Casino last year.
During the quarter the refurbishment of both the Morula and Carousel operations
was completed and those operations are now better placed to compete more
effectively in the Gauteng market.
The overall EBITDA (earnings before interest, tax, depreciation and
amortisation) margin continued to show an improvement over the previous year
with all the major gaming operations achieving EBITDA growth in excess of 30% in
the quarter.
The outlook for the group remains positive in view of the recent reduction in
interest rates which should further contribute to improved disposable income,
although revenues are not anticipated to grow at the same rate in the
forthcoming year.
Summary of group revenue and EBITDA
Quarter Year to date
3 months to 31 March 9 months to 31 March
Unaudited 2005 Change 2004 2005 Change 2004
Rm`s % Rm`s Rm`s % Rm`s
Revenue 1 306 14 1 148 3 819 15 3 331
Casino 981 19 827 2 853 19 2 396
Rooms 169 177 482 490
Food and beverage
and other 156 144 484 445
EBITDA 454 22 373 1 263 21 1 044
EBITDA margin (%) 34,8 32,5 33,1 31,3
Sandton
21 April 2005
Sponsor
Investec Bank Limited
Investec Bank Limited
(registration number 1969/0044763/06)
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