Hotels‚ gaming and resorts group
The company said that trading for the period remained challenging‚ particularly in
However‚ the weaker rand boosted the tourism industry and the group's hospitality revenues.
Revenue for the period was 4% higher at R5.4bn‚ with casino revenue in line with last year's results‚ while the group experienced strong growth in hospitality revenue‚ with room revenue up 26% and food‚ beverage and other revenue up 10%.
Casino revenue in the group's South African properties was up 3%‚ following a stronger second quarter where casino revenue was up 4.5%‚ it said.
Earnings before interest‚ tax‚ depreciation and amortisation (ebitda) at R1.5bn‚ was 5% less than last year. Operating profit was down 17% at R880m.
The group said that because of the volatility it was experiencing in the industry and the changes the group was undergoing itself‚ it did not believe quarterly trading updates currently provided meaningful information on which to base investment decisions. It said it doubted that these updates were indicative of trends currently being experienced in the business.
Consequently the board has decided to stop publishing the quarterly updates but would continue to publish the half-yearly profit announcements that gave a better indication of medium- and long-term trends.
The group was further restructuring and recently announced a consultation process with employees in terms of the Labour Relations Act. Looking ahead‚ it said it had made significant progress with its strategic objectives in the past six months, which include revenue growth and cost-cutting.
"The full benefits of these initiatives and the wider group restructure would only really reflect in the 2015 financial year," the group said.
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