South Africa’s hospitality and hotel group, Sun International said it will be reporting a loss of between 90 cents per
share and 96 cents per share.
The result is a significant loss against the prior corresponding period’s profit of 32 cents per share.
Sun International said in a note to its shareholders that they are advised that the Board of Sun International has re-assessed and consequently adjusted the extent of an impairment taken in accordance with IFRS 2 (Share Based Payment).
As a result, it is expected that the basic earnings per share loss will be lower than reported in the previous trading statement. The headline earnings per share loss is however expected to be higher as the impairment charge cannot be adjusted for headline earnings. There has been no change to the adjusted diluted headline earnings per share range previously reported to shareholders.
Accordingly, it is now advised that the Board of the Company is reasonably certain that Sun International’s headline earnings per share for the financial half-year ended 30 June 2017 is expected to be a loss of between 71 cents per share and 85 cents per share compared against the prior corresponding period’s headline earnings profit of 87 cents per share, while, basic earnings per share for the financial half year ended 30 June 2017 is expected to be a loss of between 56 cents per share and 62 cents per share compared against the prior corresponding period’s profit of 32 cents per share.
Sun International’s interim financial statements for the financial half year ended 30 June 2017 are expected to be announced on or about Monday, 2 October 2017.
The company warned that the further trading statement has not been reviewed or reported on by Sun International’s external auditor.