JSE-listed hotel operator, Gooderson Leisure Corporation (Gooderson), on Friday said profits for the six months ended August this year had been hit by renovations that were carried out in some of its properties.

Gooderson said earnings a share for the period under review are expected to be between 46.67 percent and 40 percent lower than the previous comparable period.

South African companies listed on the JSE, Africa’s biggest bourse, use earnings a share or headline earnings to measure profitability.

“The decrease in earnings a share…was due to the refurbishment and upgrade of two of our properties namely Fabz Garden Hotel and

Conference Centre and Monks Cowl Golf Resort as stated in the 2014 integrated annual report,” Gooderson said.

“Management remains cautiously optimistic of an improvement in earnings in the second half of the financial year compared to last year and the group is well positioned to accelerate growth particularly with the refurb and upgrade being completed to some of the properties and the construction of 24 new rooms (16 Hotel Rooms + 8 Self Catering Rooms) which will be ready for occupation and trading by December 2014 as well as a new swimming pool and 18 hole putt golf course at Monks Cowl Golf Resort,” it added.