THL interim results September 2021

24 November 2021 8:14

Income for the year more than doubled to R959 million (R335 million) whilst operating loss came in at R50 million (loss of R44 million). Loss attributable to equity holders improved to R162 million (loss of R176 million). Furthermore, headline loss per share narrowed to 10.9cps (headline loss per share of 40.5cps). Dividend The directors considered it prudent to retain cash resources in order to ensure that the group is able to navigate this pandemic and meet its obligations until trading normalises. In line with the conditions of the covenant waivers received from lenders, the directors have not declared an interim cash dividend for the six months ended 30 September 2021. Presentation Shareholders are advised that a presentation to analysts and investors which provides additional analysis will be available on the group’s website at www.tsogosun.com/investors/ results-presentations in due course. Any questions on the presentation can be e-mailed to companysecretaryTGO@tsogosun.com Company prospects While we are encouraged by the recent upward trend in trading, we are acutely aware that we are still trading at only 50% of system-wide rooms sold prior to Covid-19 and at occupancies far below the group's long-term average. It is clear that Covid-19 will remain with us for the foreseeable future and the only way to return to some form of normality is to ensure that the majority of the South African adult population is vaccinated. For the hospitality industry in particular, ease and affordability of travel is of paramount importance as is the safety and confidence of tourists once they reach our shores and stay in our hotels. Unnecessary regulation and limitations on travel is an impediment to our recovery and our view is that provided an adult is fully vaccinated, they should be allowed to travel internationally. The group continues to encourage our employees to get vaccinated and we maintain the highest levels of Covid-19 health protocols at all of our properties as evidenced by the successful sporting events we have hosted during the pandemic. Until the international and corporate markets return and demand levels normalise, the group continues to focus on cash preservation and liquidity to continue trading through the pandemic and to protect the livelihoods of the many stakeholders who depend on Tsogo Sun Hotels - from our employees and suppliers to our communities and investors. Click here for original article