On a relatively quiet day for corporate news in the Southeast, Sun City owner Sun International reported increased profits in an “exceptional year” for its hotels and resorts. In international news, Tesla has left Australia's car lobby group for misleading consumers.
Suncity owner Sun International The company reported an 82% to 92% increase in earnings per share for the year to the end of December, saying its resorts and casinos had an “exceptional year”, while Sunbet consistently posted record work that has achieved significant profits and exceeded the ambitious growth targets set for this goal. However, after taking into account adjustments such as transaction costs associated with Piermont's proposed acquisition and the impact of the devaluation of the Nigerian Naira, which became a non-cash income, adjusted total profit increased from 4% to 9%. expected to stay. Net accounting adjustment. In December, Sun announced it had reached an agreement to acquire casino and hotel group Piermont. Piermont's enterprise value is approximately R7.3 billion. Sun's share price, valued at about R10.3 billion on the JSE, was up less than 1% on Thursday but has risen almost 17% over the past year.
outsurance said in a voluntary update Thursday that it expects normalized earnings per share, its preferred metric, to be in the range of a 5% decline to 5% increase in the six months to the end of December. This result reflects, among other things, a significant increase in natural catastrophe claims in Australia, a significant increase in the cost of the SA employee share option scheme and the impact of start-up losses at OUTsurance Ireland. The Life Insurance business added that its operating results improved significantly, influenced by the strong growth achieved in the funeral market and favorable yield developments compared to the comparative period. Outsurance closed modestly lower on Thursday, but is up almost 15% over the past 12 months.
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