Tsogo Sun Hotels booking more guests, but still below 50% of pre-Covid occupancy
Tsogo Sun Hotels has enjoyed an uptick in trading conditions over the past six months, but room occupancy was still below half of pre-pandemic levels.
The hospitality and gaming group released its results for the six months ended 30 September 2021 on Thursday.
No interim cash dividend was declared.
"While we are encouraged by the recent upward trend in trading, we are acutely aware that we are still trading at only 50% of system-wide rooms sold prior to Covid-19 and at occupancies far below the group's long-term average."
Ray White (in for Bruce Whitfield) talks to Chris du Toit, CEO of Tsogo Sun Gaming.
The last eighteen months have been a rollercoaster ride for the group says du Toit.
It's great to be back in profitability for the first time in a year-and-a-half... however, we've still go to be realistic. We're still 35% below our pre-Covid levels...Chris du Toit, CEO - Tsogo Sun Gaming
.. and if you look at the period since the year-end... because of the restrictions... October was actually our first great month. But I think we managed to grind out quite decent results for the six months regardless of the tough times.Chris du Toit, CEO - Tsogo Sun Gaming
Our survival strategy for the past 18 months was just cost, cost, cost. If you don't control your cost during a pandemic like this you just won't survive... and we were very successful with this...Chris du Toit, CEO - Tsogo Sun Gaming
With South Africa's fourth wave of Covid-19 looming, du Toit expresses the hope that the government will be "sensible" as we enter the festive season.
We are hopeful that the vaccination rate is sufficient that by the time the fourth wave hits there aren't further severe restrictions. We all got the news about the new variant, and the numbers are picking up in Gauteng so it is definitely a risk to the business.Chris du Toit, CEO - Tsogo Sun Gaming
We're hoping that at some point the government will just make the regulations a bit stricter... but not close us down again because that's very bad for business.Chris du Toit, CEO - Tsogo Sun Gaming
For more detail, take a listen:
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