Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Sun International Profit Falls on Lack of Casino Growth

Feb. 24 (Bloomberg) -- Sun International Ltd., South Africa’s second-biggest leisure company, said first-half profit dropped 21 percent as gambling revenue stagnated and the cost of eliminating jobs rose.

Net income in the six months ended December fell to 302 million rand ($27.6 million) from 380 million rand a year earlier, the Johannesburg-based company said in a statement today. Revenue rose 3.6 percent to 5.41 billion rand, while sales from casinos, accounting for 78 percent of the total, rose less than 1 percent to 4.22 billion rand.

Amid a slowing economy, the company plans to fire as many as 1,700 employees as part of a reorganization. While the company is reviewing activities in South Africa, its biggest market, it’s also expanding in Colombia and Panama.

“The full benefit of these initiatives and the wider group restructure will only fully reflect in the 2015 financial year,” it said. After first-half earnings before interest, taxes, depreciation and amortization fell 5 percent, “the group is optimistic that it will achieve growth in both EBITDA and adjusted headline earnings” in the final six months of the year. The company reiterated that the reorganization will help profit in fiscal 2015.

Sun declined as much as 4.7 percent to 89 rand and was trading down 3.6 percent as of 9:54 a.m. in Johannesburg. The stock has dropped 12 percent in the past 13 months, in contrast to an 11 percent gain at Tsogo Sun Holdings Ltd., South Africa’s biggest leisure operator.

To contact the reporter on this story: Kamlesh Bhuckory in Johannesburg at

To contact the editor responsible for this story: Simon Thiel at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.