Well established South African casino operator Tsogo Sun Gaming revealed that higher finance costs had hurt its bottom line in its latest financial report.
The company revealed that it generated earnings per share of 68.4 cents during the six months that ended in September. In the same period in 2018, Tsogo had generated earnings per share of 78.8 cents.
The company stated that its higher finance costs were responsible for this reversal. However, Tsogo went on to add that it has already devised appropriate plans to reduce costs and improve efficiency at its casinos as well as at its head office. The company believes that these moves will show favorable results in the upcoming financial year. In a statement, the company said,
“With the further focus of appropriate and reduced capital expenditure spend, the group intends to reduce debt levels in the next financial year.”
First-half total income generated 5% to $406.39 million by its gaming, food and hotel room businesses.