Streaming issues? Report here
Kenny Maistry 1500 x 1500 2020 Kenny Maistry 1500 x 1500 2020
Soulful Sundays with Kenny Maistry
10:00 - 13:00
volume_up
volume_mute

Up Next: Soulful Sundays with Paul Mtirara
See full line-up
Soulful Sundays with Kenny Maistry
10:00 - 13:00
Home
arrow_forward
MyMoney Online

Sun Int reports losses of R885m. Debt balloons to R13.3bn (4x its market cap)

31 August 2020 6:43 PM

The Money Show’s Bruce Whitfield interviews Anthony Leeming, CEO at Sun International Group.

Sun International made headline losses of R885 million in the half-year to 30 June 2020.

© artush/123rf.com

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.




31 August 2020 6:43 PM

More from MyMoney Online

Economy in 2021: 'Expect a better year for South African assets'

15 January 2021 3:02 PM

An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.

Share this:
Read More arrow_forward

Retirement funds in SA are changing – new laws come into effect on 1 March 2021

15 January 2021 1:23 PM

Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.

Share this:
Read More arrow_forward

How to buy your very first share – even if you have mere cents to invest

13 January 2021 3:04 PM

You can buy R1 (or even one cent) worth of shares. "The key to getting started is to get started," says Charles Savage.

Share this:
Read More arrow_forward

Buying a new car may be possible – even if you can’t afford the monthly payments

13 January 2021 10:49 AM

Need new wheels? WesBank’s Lebogang Goaaketse discusses a popular method for making repayments more affordable.

Share this:
Read More arrow_forward

Buy hugely discounted properties (up to 70% off) on auction right now

11 January 2021 7:23 PM

Distressed properties on auction are going for a song. Bruce Whitfield interviews property economist Francois Viruly.

Share this:
Read More arrow_forward

Free Covid-19 vaccine for all medical aid members – Discovery CEO

6 January 2021 9:01 AM

"It’s mandatory for medical schemes to pay for for the Covid-19 vaccine," says Dr Ryan Noach, CEO at Discovery Health.

Share this:
Read More arrow_forward

Vaccine optimism is priced in – asset manager

7 December 2020 7:48 PM

Investors are getting ahead of themselves, warns Pieter Hundersmarck, a fund manager at Flagship Asset Management.

Share this:
Read More arrow_forward

Need new wheels? Car subscriptions at a monthly fee have arrived in South Africa

7 December 2020 7:21 PM

Bruce Whitfield interviews Tinashe Ruzane of FlexClub, where you can choose from a variety of car subscriptions for a monthly fee.

Share this:
Read More arrow_forward

Naspers-owned Prosus (owner of Tencent) starts JSE's largest share buyback ever

23 November 2020 7:35 PM

The Money Show’s Bruce Whitfield interviews Basil Sgourdos, CFO at Naspers.

Share this:
Read More arrow_forward

Pepkor Holdings profits fall 34% but gains 'significant' market share

23 November 2020 7:28 PM

The Money Show’s Bruce Whitfield interviews Leon Lourens, CEO at Pepkor Holdings.

Share this:
Read More arrow_forward