March 27, 2017 / 6:49 AM / 3 years ago

South Africa's Sun International profit falls on forex, slow growth

JOHANNESBURG, March 27 (Reuters) - South Africa’s gaming and hotel operator Sun International reported a 35 percent fall in full-year profit due to foreign exchange losses, settlement charges and slow economic growth at home, the company said on Monday.

Sun International, which recently changed its financial year, said diluted adjusted headline earnings per share for July 1 to December 2016 fell to 223 cents per share from 344 cents in the comparable year.

The group’s core casino operations in South Africa were negatively affected, with casino revenue down 2.7 percent on the back of a weaker than expected December trading period.

Sun International, one of two listed casino operators in Africa’s most industrialised country, is facing sagging demand from gamblers due to “difficult trading conditions and reduced consumer spend” and expects gaming revenue in South Africa to remain under pressure. (Reporting by Nqobile Dludla; editing by Susan Thomas)

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