Panama casino dims Sun’s results - Business Day
Sun International pulled out all the cost-cutting stops to offset tough trading conditions in its South African market but was tripped up by a poor start at its new casino in Panama and foreign exchange losses in Nigeria. Reporting results for the financial year to end-June, CEO Graeme Stephens said Sun would have reported a 27% increase in headline earnings had the performance not been hampered by events in Panama and Nigeria (Sun’s R44m share of unrealised forex losses on dollar-denominated Nigerian minority shareholder loans). Dirk van Vlaanderen comments.
MTN in patient wait for Iran funds - Business Day
MTN expects it will take until next year to free its $1.1bn profits trapped in Iran following nuclear agreements Iran reached with the US and other countries to lift sanctions. MTN chief financial officer Brett Goschen said there were still a number of processes that would have to be finalised. But the group felt more positive, and if sanctions were lifted now, it would be able to repatriate its money possibly by next year. Aslam Dalvi comments. View article