Smaller tax bill lifts Phumelela
The company’s horse-racing business was hit by the costs related to its voluntary severance programme
Phumelela Gaming and Leisure has reported a modest 6% rise in full-year net profit to R155.1m, helped by lower income tax expense. Its consolidated net income or revenue was flat at R1.563bn for the year to end-July, with betting operations contributing 68%, and media 30%. Administrative and support services accounted for the balance. The nature of the Phumelela business relies on discretionary income, which in turn, depends on the performance of the economy. Profit from operations declined 65% to R17.31m The horse-racing company also incurred costs relating to its voluntary severance programme, which weighed on its financial performance. Stripping out the cost of the voluntary severance programme, normalised earnings rose 20% to 175.1m, according to the results statement. The share of profit from equity-accounted investees was up 38% to R169.2m, the company said. The investee companies include Premier Gateway International, Supabets, Interbet, Supaworld and SW Security. The company...
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