its year-end from 31 March to 30 June and the current financial period will be for 15 months from 1 April 2006 to 30 June 2007.
Leisure company Real Africa Holdings Limited enjoyed favourable trading conditions in South Africa and the group's core interests performed strongly over the past 12 months.
The company's headline earnings per share rose from 33.9 cents in March 2006 to 35.2 cents in March 2007. The group's revenue increased by 93.21% to R34.4 million, which was predominantly dividends received by Afrisun Leisure. The profit after tax increased to R292.5 million from last year's R128.7 million.
The net investment profit of R162.28 million primarily relates to the disposal of Ocfish Holdco and as a result of the cash distributions during the period, interest income reduced from R30.6 million in the prior year to R9.9 million for the 12 months under review. The company disposed of its interest in Oceana Group and realised a profit of R162 million.
Sun International acquired 61.3% of RAH's share capital in September last year. RAH had a special purpose committee appointed by the Afrisun Leisure board to consider the merits of the Sun International acquisition last year.
They are still awaiting the final decision by the committee.
Real Africa holdings have a 14.1% economic interest in SunWest International, which owns Grand West Casino and Table Bay hotel in Cape Town.
The company has a 22.9% economic interest in Afrisun Gauteng, which trades as Carnival City, as well as a 7% interest in Emfuleni resorts' Boardwalk Casino in PE and an 11.5% economic interest in AfriSun KZN, which operates Sibaya Casino.
All of which saw over 14% increases in revenue.
The board has resolved that future dividends will be determined at the board meetings, which deal with the half-year and year-end results.
I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge
