Naiade out of crisis mode

12 years, 11 months ago - May 13, 2011

Naiade Resort has recorded profits

Mauritius luxury hotel group Naiade Resorts NRL.MZ swung to a nine-month profit from a loss a year ago after occupancy rates increased, and said it expected better full-year results.

The group on Thursday posted a pretax profit of 60.357 million rupees ($2.15 million) for the nine months to March from a pretax loss of 263 million in the same period a year ago.

Earnings per share rose to 0.52 rupees from a loss of 2.97 rupees, while revenue jumped 31 percent from 1.8 billion rupees.

Tourism is a major source of foreign exchange for Mauritius, which is famed for its white sandy beaches and luxury spas that cater for the top end of the leisure market.

"Going forward we can only do better than last year," Chief Executive Paul Jones told reporters.

Naiade said the sale of its unit, Le Tropical hotel, had not been accounted for in the results, but would be included in the full-year results and would boost the group's profit.

The group said it has a gearing ratio of 62 percent and is not in a rush to sell its resorts in Reunion Island.

Text by Reuters

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