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SWAZISPA RECORDS 20.3% PROFIT GROWTH AFTER TAX

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MBABANE – Despite the fact that a weakening economy limits spending on leisure and entertainment,  Swazispa Holdings Limited recorded a growth in profit after taxes.


According to the company’s financial records, their profit after taxes increase by 20.3 per cent on December 31, 2017 than that recorded on December 31, 2016.


A profit after taxation on December 31, 2017 was E4 761 000 and the profit after taxation on December 31, 2016 was E3 955 000, showing the 20.3 per cent increase.


“An overall revenue growth of 6.2 per cent was achieved if compared to the 12 months ended December 31, 2016. The hospitality side of the business achieved a 7.8 per cent growth compared to a 3.5 per cent growth on the gaming side,” the financial records stated.
The financials also showed that the tables business reflected a growth of 20.3 per cent while slots business recorded a shortfall of 3.4 per cent in the prior year.


“Although there is a general slowdown in gaming business in Southern Africa the situation was compounded by challenges faced with the Mozambique market,” it was stated.


The growth in hospitality revenue was attributed to an increase in international and non-campaign business which increased by 45 per cent and 34.9 per cent respectively, while overall the corporate business, group and convention business, sport and leisure business and local campaign business declined by 15.9 per cent.


The increase of 10.1 per cent on the prior year in food and beverage revenues was said to have been the direct result of an increase in outside catering functions held during this financial year.

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