Gaming and hotels group Tsogo Sun, which is controlled by empowerment conglomerate Hosken Consolidated Investments (HCI), hiked its interim dividend 10% to 34c per share despite adjusted headline earnings for the six months to end-September being static at 88c per share. Tsogo CEO Marcel von Aulock said the earnings would have been 12% ahead of 2015 at 95.3c per share if the effect of the long-term incentive scheme (inflated by the upward shift in the company’s share price) was stripped out. Turnover, at R6.3bn, was 8% better than in 2015, but it was driven mainly by the hotel segment, with the growth in gaming win limited to just 3%. Earnings before interest, tax, depreciation and amortisation rose 7% to R2.2bn, with an overall operating margin of 35%. Total revenue for the gaming segment was up 4% to R4.5bn, with the Gold Reef City (in Gauteng) and Golden Horse (in KwaZulu-Natal) casinos the star performers with a 16% and 19% increase in profits to R265m and R87m, respectively. Vo...

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