Sun International Profits To Soar On Tax Charge Reduction

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VENTURES AFRICA – Sun International on Thursday said basic and headline earnings per share for the six months ended December were expected to be between 20 percent and 30 percent higher, it said on Friday.

The hotel group said diluted adjusted headline earnings per share, which management considers the most meaningful measure of performance for the company, is expected to be between 35 percent and 45 percent higher.

The company would not give reasons for this performance as it was still in a closed period, which means it is not allowed to discuss details of the results before releasing them.

It said the impact of foreign exchange rate movements on basic, headline earnings and diluted adjusted headline earnings per share had been offset by the reduction in the tax charge as a result of the abolition of STC.

Late last year, Sun International appointed Graeme Stephens, its director of new business development, as chief executive from this month.

Stephens, who has 13-year experience in investment banking, will take over the role from acting chief executive, Garth Collins.

Prior to joining Sun International last year, Stephens spent seven years with Kerzner International, where he was the senior vice-president of project development.

He was instrumental in securing a number of new hotel and casino opportunities for Kerzner International, established by Sol Kerzner, who also founded Sun International.

Sun International also appointed Peter Bacon an independent non-executive director from this month. Bacon, a previous executive director and chief executive of the firm, has more than 35-year experience in the hospitality, resorts and gaming industry.