Finweek English Edition
On the road to recovery
Sun International’s results for the six months ending June, released on
31 August, improved markedly compared with the comparable period a year earlier, albeit the company still recorded a loss of 32c a share. That was nevertheless a 96% improvement from a year earlier.
At a headline level they lost R885m to June 2020, R1.1bn for the full year to December 2020 and in this latest period that loss was an adjusted R4m from continuing operations. They were helped by Covid-19 business interruption claims worth R235m, with another R260m expected in future by the company. Locally, a more relaxed curfew will help Sun International as it can keep casino doors open an extra hour per day and this will improve further under Level 1 lockdowns. The company should be able to record a profit in the second half of the current fiscal year and this is my preferred reopening stock locally.