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South African hotel company Tsogo Sun posts flat half-year earnings

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South African hotelier and casino operator Tsogo Sun on Tuesday posted flat half-year profit, citing economic pressures on consumers and earnings per share dilution after its acquisition of gaming businesses Vukani Slots and Galaxy Bingo.

Adjusted headline earnings per share (HEPS) for the six months to Sept. 30 were flat against last year at 78.8 cents.

Tsogo Sun, which operates hotels under brands including Southern Sun, Garden Court and Holiday Inn, said it expects trading to remain under pressure due to weak economies in South Africa and the commodity-focused countries in which the group operates.

“In this low organic growth environment, characterised by subdued consumer confidence, cost control remains a significant focus for the group,” Tsogo Sun CEO Jacques Booysen said in a statement.

Tsogo Sun has operations in Nigeria, Kenya, Tanzania, Zambia, Mozambique, the United Arab Emirates and the Seychelles.

The firm, which declared an interim dividend of 132 cents per share compared with 32 cents in the year ago period, said it planned to review the dividend policy taking into account cash generation.

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