09:39:37
Gold Reef interim results June 2010
GDF
Posted Thu, 02 Sep 2010

Revenue declined by a slight 1.6% to R1 070 million (R1 087 million). Operating profit decreased by 18.6% to R253 million (R311 million). Net attributable profit was 22.9% lower at R108 million (R140 million). In addition, headline earnings on a per share basis fell to 39.2cps (50.9cps). Outlook Economic conditions in South Africa remain difficult with limited signs of improvement during the first half of 2010. Relief provided to consumers through interest rate cuts in 2009 is only expected to show its effects in the final quarter of 2010. With its portfolio of refurbished properties, Gold Reef is poised to take advantage of such an improvement in economic conditions and consumer confidence. The group's lean cost structure will also ensure that any improvement in trading activities will flow directly to EBITDAR and HEPS, benefiting the company's stakeholders.