JOHANNESBURG: Tsogo Sun Holdings Ltd, Africa’s biggest hotels and gambling operator, posted a slight drop in full-year profit on Thursday as cash-strapped consumers in its mainstay South African market cut back on gambling.
Tsogo Sun said diluted headline earnings per share, the main profit measure in South Africa that strips out certain one-off items, dipped 1 percent to 175 cents. Consumers in Africa’s most advanced economy are spending less due to high personal debt levels and rising fuel prices while a weak economy restricted business and government travel, which has led to low hotel occupancies.
Tsogo Sun, which also operates hotels in several other countries such as Nigeria, Kenya and Mozambique, said fears over the Ebola virus hit its hotel business in the rest of Africa.
