November 21, 2019 / 6:56 AM / 21 days ago

S. Africa's Tsogo Sun Gaming's earnings hit by higher finance costs

Nov 21 (Reuters) - South African casino operator Tsogo Sun Gaming reported lower adjusted headline earnings per share on Thursday, hurt by higher finance costs.

Adjusted headline earnings per share was 68.4 cents for the six months ended Sept. 30, compared to 78.8 cents last year.

Tsogo Sun Gaming said it has been focusing on cutting costs and improving operational efficiency at its head office and casinos, and the actions will be bear fruit in the next financial year.

“With the further focus of appropriate and reduced capital expenditure spend, the group intends to reduce debt levels in the next financial year,” the company said.

First-half total income rose 5% to 6 billion rand ($406.39 million) from growth in its gaming, food and hotel room businesses.

Tsogo Sun Hotels, which was spun out from Tsogo Sun earlier this year, reported first-half headline earnings per share of 5.2 cents in a separate announcement.

Headline EPS is the main profit measure in South Africa and strips out certain one-off items.

($1 = 14.7641 rand)

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Bernard Orr

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