Johannesburg - Sun International warned shareholders yesterday that it expected to report a loss for the year to June when it reports annual results on Monday.
The share price tumbled nearly 6 percent at 9.30am after the trading update, later paring losses to just 1.36 percent to close the day at R91. It forecast diluted adjusted headline earnings a share, which the company considers to be the most meaningful measure of its performance, would likely to be between R6.08 and R6.47, or between 18 percent to 23 percent lower than last year’s R7.89.
The adjusted headline earnings a share had been restated to exclude certain once-off items, as well as an increase in rentals in Nigeria off the back of foreign exchange movements.
The group expected a headline loss per share of between R3.70 to R4.20, or between 159 percent and 167 percent down from R6.29 a share last year.
Operating profit was expected to be relatively flat year on year, being either the same as last year or up to 2 percent lower than last year.
BUSINESS REPORT