Gold Reef Resorts expects earnings per share and headline earnings per share for the 12 months ended December 31 2008 to be 110% to 120% and 65% to 75%, respectively, higher than those of the prior comparative period.

It added that due to increased depreciation on new properties, finance costs on additional debt raised to fund the development of new properties and the increased number of shares in issue resulting from the share exchange and top-up transactions, adjusted headline earnings per share for the period are expected to be 5% to 15% lower than that of the prior comparative period.

"However, as a result of the inclusion of Silverstar Casino for the 12 months ended 31 December 2008, Gold Reef expects revenue to be 25% to 35% higher than the prior comparative period and Ebitdar and Adjusted Ebitdar to be 45% to 55% and 15% to 25%, respectively, higher than those of the prior comparative period," the group said.

The group's results are expected on March 16.

Source: I-Net Bridge