Naïade Resorts Ltd and its subsidiaries: unaudited interim Report for the Quarter and six months ended 31st december 2010
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Naïade Resorts Ltd and its subsidiaries: unaudited interim Report for the Quarter and six months ended 31st december 2010
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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 2011-02-11
CoMMeNtaRY
Results
Both Mauritius and Maldives have registered an increase in tourist arrivals during
the quarter under review (October to December) when compared with the
corresponding period last year. The number of visitors in Mauritius reached
288,171 up by 9.8% on last year, and 223,214 in Maldives a progression of
17.5%. The statistics for Reunion Island are not available.
Mauritius
The average occupancy rate achieved at our hotels in Mauritius grew from 54% to
77% during the quarter compared to last year. The Average Daily Rate however
remained under pressure, reflecting the continued practice of heavy rate
discounting in most markets. Nevertheless, as a result of the improved occupancy,
our hotels increased their Revenue per available room (Rev Par) by 19% on the
same quarter last year.
Maldives
In Maldives, Diva improved its occupancy for the quarter from 46% to 64%, whilst
Rev Par increased by 33%.
Reunion
Our performance in Reunion Island has significantly improved with both hotels
posting strong results for the quarter with a combined occupancy of 82% from
59% last year. Rev Par for the quarter showed a similar growth.
Group
Total Revenue for the quarter and semester ended 31st December 2010 increased
by 31% and 15% to reach Rs 833m and Rs 1.3bn respectively. EBITDA for the
quarter showed a healthy improvement from Rs 140m to Rs 256m as a result of
increase in Gross Revenue and profit margin.
Operating profit for the quarter increased from Rs 105m in 2009 to Rs 195m, an
improvement of 85%, whilst for the semester, it grew by more than threefold
from Rs 46m in 2009 to Rs 140m in 2010.
Profit before taxation for the quarter under review grew by more than 8 times
from Rs 14m in 2009 to attain Rs 121m.
Profit after taxation for the quarter reached Rs 115m compared to a loss of Rs
10m in 2009. This positive result has contributed to absorb significantly the loss
incurred during the previous quarter resulting in a loss reported for the six months
ended 31st December 2010 amounting to Rs 73m compared to a loss of Rs 228m
for the same period last year.
Rights Issue
In December, we received the proceeds of the first instalment of the Rights
issues (Shares and Bonds) amounting to Rs 500m which was used to reduce our
bank indebtedness in line with our restructuring plan. The Net Assets Value per
share of the Group which was Rs 34.84 as at 30th June 2010, has decreased to
Rs 31.46 reflecting the discount given to shareholders on the Rights Issue price of
Rs 18. The second instalment of the Rights Issue is payable on the 28th March
2011.
Post balance sheet event
The Board also wishes to recall that during 2010, it undertook a number of
steps culminating in the financial and management restructuring of the Group.
As part of that process, the Group earmarked certain non-strategic assets and
started to plan their disposal in an efficient manner. The Company wishes to
announce to its shareholders and to the public in general that it has agreed
binding heads of terms with Attitude Resorts Ltd regarding the disposal of Le
Tropical Hotel. The purchase price has been agreed between the two parties for
a gross amount of Rs 175m and the Board expects the transaction to go through
during the next quarter.
This transaction does not constitute a notifiable transaction as per Chapter 13 of
the Listing Rules of the Stock Exchange of Mauritius.
Future Outlook
We are pleased to report that the Group recorded good growth in revenue for
the month of January, compared with last year, despite the prevailing challenging
market conditions.
The optimization of the room occupancy of all our properties continues
successfully as indicated by the booking pace of the group which is significantly
better than last year for the quarter ending 31st March 2011.
Notwithstanding the continued downward pressure on room rates and provided
that normal trading conditions prevail, we expect to maintain the positive trend
of the Quarter under review.
We invite shareholders and the public in general By order of the Board
Poseidon Limitee
Secretary
9
th
February 2011
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