Sun International recorded a R503 million loss for the year ended June 30, 2016, despite revenue growing 15% to R12 billion.
The group said in a statement that increased depreciation from new businesses and refurbishments had led to operating profit remaining almost flat year on year. In an announcement to shareholders, the group also said a settlement payment of R675 million had been paid to Peermont in May.
Sun International also announced its plans to exit Nigeria. The exit will be a protracted process in order to ensure a fair value is received for the investment.
