New Mauritius Hotels limited: Financial Results fot the nine months ended 30th June 2009
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New Mauritius Hotels limited: Financial Results fot the nine months ended 30th June 2009
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Category: Africa Indian Ocean - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2009-08-12
Consolidation and Accounting Standards
The consolidated Financial Statements for the nine months ended 30th June 2009 have been prepared in accordance with IAS 34-Interim
Reporting. There has been no change in the accounting policies and methods that were adopted in the last Financial Statements.
Results
Tourist arrivals at national level fell by 7 % for the quarter ended 30th June 2009 with a dip of 12.8% in June in relation to last year.
The closure of Trou aux Biches and Dinarobin hotels, for reconstruction and renovation respectively, reduced the Group’s room capacity
by 19% during that quarter. The average occupancy rate of the hotels in operation dropped from 66% last year to 64% this year.
Easter holidays and the depreciation of the rupee mitigated the effect of the lower room capacity and occupancy mentioned above.
Ste Anne hotel, which was closed for eight weeks during last year’s third quarter, brought in a significant contribution this year.
As compared to last year, Group revenues for the third quarter and for the nine months ended 30th June 2009 decreased by 4.5%to
Rs1.449 billion and by 11.7% to Rs5.805 billion respectively.
The Group has progressed further on cost containment and realised appreciable savings on consumables and other expenses. Payroll
and general administration expenses associated with the closure of Trou aux Biches and Dinarobin hotels amounted to Rs55 million
and were charged against earnings.
Interest expense increased by 65% to Rs95 million of which Rs30 million relate to investments in the Marrakech and Les Salines projects.
Attributable earnings for the third quarter decreased by 13.5% to Rs60 million. The cumulative attributable earnings for the nine
months ended 30 June 2009, therefore, amounted to Rs1.096 billion. These results are considered satisfactory given the difficult
conditions under which the industry has been working due to the world economic crisis.
Outlook for the Fourth Quarter
Forward bookings for the fourth quarter are satisfactory and, barring unforeseen circumstances, we remain confident that the Group’s
initial estimated profit of Rs1.2 billion for the year will be achieved.
The interim financial report is issued pursuant to Listing Rule 12.20.
The Board of Directors accepts full responsibility for the accuracy of the information contained in this report.
The statement of direct and indirect interests of Directors and Senior Officers pursuant to section 8(2)(m) Securities (Disclosure
Obligations of Reporting Issuers) Rules 2007 is available free of charge at the registered office of the Company, Robert Edward Hart
Street, Curepipe.
Copies of this report are available free of charge at the registered office of the Company.
By Order of the Board
11th August 2009
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