March 19, 2018 / 6:27 AM / a month ago

South Africa's Sun International FY adj earnings drop 41 pct on once-off items

JOHANNESBURG, March 19 (Reuters) - South African hotel and casino operator Sun International Ltd reported on Monday a 41 percent decline in full-year adjusted earnings due to once-off items which include onerous lease contract and restructuring costs.

Sun International said diluted adjusted headline earnings per share, which the group considers the most meaningful measure of its performance, fell to 298 cents in the full year ended Dec.31 from 503 cents in the previous year.

The group incurred a number of once-off or abnormal items that included an onerous lease contract provision in Colombia of 50 million rand ($4.16 million) relating to the Sun Nao Casino and restructuring costs of 43 million rand relating to the Sun Nao Casino, Morula and Fish River closures.

Revenue increased 12 percent to 15.6 billion rand, with growth attributable to the inclusion of the results of its Sun dreams merged entity in Latin America and new Time Square casino. ($1 = 12.0175 rand) (Reporting by Nqobile Dludla; Editing by Subhranshu Sahu)

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