Rogers of Mauritius expects hospitality, real estate to drive growth in 2011

Rogers & Co. Ltd. of Mauritius expects hospitality and real estate to be its main growth drivers this year, Chief Executive Officer Philippe Espitalier- Noel said.

The group, based in Port Louis, made “important investments” in those two industries that will boost revenue and profit in the current financial year through September, Espitalier-Noel said in an e-mailed response to questions on Jan. 19. Rogers also has interests in aviation, logistics, property and financial services.

Hospitality and real estate “are likely to account for 90 percent of our expected improvement,” he said.

Rogers’ profit fell 5 percent to 620 million rupees ($21 million) in the previous financial year on lower returns from its hotels, while revenue increased to 9.51 billion rupees from 8.64 billion rupees. Tourist arrivals to the Indian Ocean island nation started to recover toward the end of 2010 and reached a record 934,827 people for the year, 7.3 percent up on 2009, according to the Cabinet.

“With the hotels being fully operational and the increase in tourist arrivals, the results of the hotels sector are expected to improve,” Espitalier-Noel said. Hotels made up 14 percent of the group’s revenue last year.

Rogers’ real estate and agribusiness, which accounts for 13 percent of revenue, reported a loss of 146 million rupees last year, the company said.

The stock was unchanged at 305 rupees at 12 p.m. in Port Louis, and has gained 4.1 percent this year.