March 19, 2018 / 6:17 AM / in a month

BRIEF-Sun International Says Will Not Declare Dividend For Year Ended Dec. 31​

March 19 (Reuters) - Sun International Ltd:

* ‍BOARD HAS DECIDED NOT TO DECLARE A DIVIDEND FOR YEAR ENDED 31 DECEMBER 2017.​

* FY REVENUE OF ‍15.61 BILLION RAND VERSUS 13.88 BILLION RAND YEAR AGO

* FY ‍DILUTED ADJUSTED HEADLINE EARNINGS PER SHARE 298 CENTS VERSUS 503 CENTS​

* FY PROFIT BEFORE TAX FROM OF 535 MILLION RAND VERSUS 542 MILLION RAND YEAR AGO

* ‍WHILE SOUTH AFRICAN OUTLOOK HAS IMPROVED, DO NOT ANTICIPATE THAT IT WILL BE IMMEDIATELY FELT IN DISCRETIONARY EXPENDITURE ​

* ‍WITH PROCEEDS FROM RIGHTS OFFER, CO WILL SETTLE DEBT AND CAPITALISE TIME SQUARE WHICH WILL SIGNIFICANTLY REDUCE INTEREST COST​

* ‍ALTHOUGH TRADING HAS IMPROVED MARGINALLY AT TIME SQUARE, GROUP MET ITS DEBT COVENANTS AT DEC 31, DEEMED IT PRUDENT TO EMBARK ON CAPITAL RAISE EXERCISE

* ‍PROCEEDS FROM RIGHTS OFFER WILL BE USED TO REPAY DEBT, THEREBY CREATING HEAD ROOM IN RELATION TO RELEVANT DEBT COVENANTS​

* ‍RIGHTS OFFER WILL REDUCE SUN INTERNATIONAL’S INTEREST CHARGE AS RATES ARE BASED ON SUN INTERNATIONAL’S PREVAILING DEBT METRICS​

* ‍GROUP CONTINUES TO GENERATE STRONG CASH FLOW FROM OPERATIONS, WHICH HAS RESULTED IN GROUP TRADING WITHIN DEBT COVENANT LEVELS.​

* ON DIFFICULT TRADING CONDITIONS, TIME SQUARE PRODUCING DISAPPOINTING RESULTS, RENEGOTIATED SOUTH AFRICAN DEBT COVENANT LEVELS FOR JUNE, DEC 2017​ Source text for Eikon: Further company coverage:

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