Sun Int reports losses of R885m. Debt balloons to R13.3bn (4x its market cap)
Sun International made headline losses of R885 million in the half-year to 30 June 2020.
The Group's debt ballooned to R15.1 billion (from R13.3 billion), more than four times its market capitalisation (R3.3 billion).
A few weeks ago, the company announced the sale of its 65% stake in Sun Dreams for R2.7 billion to Nueva Inversiones Pacifico Sur.
The company announced earlier that it will be retrenching about 2300 employees.
It is also closing the Naledi Casino and Carousel Casino.
The Money Show’s Bruce Whitfield interviewed Anthony Leeming, CEO at Sun International Group.
We weren’t in a strong position going into Covid… It gave us time to work at our cost base… The next 12 months are going to be tough and we’ve got to be ready… Cutting costs was critical… in excess of R500 million in savings…Anthony Leeming, CEO - Sun International Group
We have primarily focussed on the leisure market…Anthony Leeming, CEO - Sun International Group
[The cancelled] Nedbank Challenge – it would’ve been our 40th year! … Next year will be a great 40th! Next year we’ll make it big and special.Anthony Leeming, CEO - Sun International Group
Not leaking cash is key… Our workers aren’t working a lot of hours… All staff took a 60% salary cut…Anthony Leeming, CEO - Sun International Group
The curfew is not great, especially midweek… Friday nights are very weak… It’s had a big impact. Ten to two in the morning was very big for us…Anthony Leeming, CEO - Sun International Group
Listen to the interview in the audio below.
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