"African Sun said its other operations remained profitable and are projected to record $48 million in revenue for the full year to September 30, 2011."
Hospitality group African Sun says it has concluded the closure of its two hotels in South Africa would embark on a $2,8 million retrenchment exercise.
The Zimbabwe Stock Exchange listed concern operated The Grace hotel in Rosebank and The Lakes Hotel.
In a statement the company said the retrenchment exercise would result in a 40% reduction in head office head count.
“The restructuring exercise will affect all levels at head office and implementation has commenced,” the company said.
African Sun said its other operations remained profitable and are projected to record $48 million in revenue for the full year to September 30, 2011.
“Continuing operations, which constitute 85% of group revenue, are expected to record $48 million in Revenue for the full year to 30 September 2011, whilst the discontinued operations recorded $8,4 million in Revenue,”
African Sun for the half year declared a $1 million loss which it attributed to surplus rooms in South Africa
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