Hotel: Half Fig Half Grape Financial Results

8 years, 10 months ago - August 22, 2013
Discomfort is felt in the hospitality industry. The reason: the effects of the economic crisis in the eurozone. In addition, the decline in tourist arrivals due to the economic slump in the European market has leaded the profitability of some hotel groups.

Like New Mauritius Hotels, the leading hotel group in terms of turnover (Rs 8 billion), for the nine months ended June 30, 2013, has seen its profitability decline by 26% to Rs 557 million against Rs 754 million for the same period last year. For the three months ending in the same period, the group accused of financial losses: Rs 250 million against Rs 197 million in 2012.

 Sun Resorts Ltd, another hotel group, with a turnover of Rs 3.6 billion in 2012, is no better. For the first half ended June 30, 2013, it recorded a loss of Rs 92 million against a net profit of Rs 4 million for the same period last year. Losses are more substantial for the second quarter of 2013, Rs 212 million against Rs 146 million (still losses) in 2012. This group, note does one, has a debt load of more than Rs 4 billion for the first half of the year (almost the same amount for the twelve months of 2012). "Market conditions were difficult for the second quarter of 2013 with the recording industry only 0.3% of tourist arrivals ... We do not see much improvement in the market for the next quarter. However, for the last quarter of the year, our bookings are higher than the same period last year, "says management.

 Constance Hotels Ltd., listed on the Development and Enterprise Market market is also experiencing the effects of the crisis. The group has lined up losses of Rs 87 million for the six months ended 30 June 2013. At the same time last year, the losses amounted to Rs 81 million. The hotel group has effective control of three hotels, two in Mauritius and the Maldives establishment (Constance Moofushi Resort) and operates in partnership with four other Seychelles, Maldives and Madagascar. She attributes this poor financial performance to increased costs related to exchange rate following an assessment of the Seychelles rupee and renovation of Le Prince Maurice.

 The management of this hotel group, whose CEO is John Dumbell, does not provide a significant improvement in its financial results with the advent of the low season. However, it notes that the reservations made in advance of the last quarter, that of the peak, are encouraging.

Text by lexpress.mu

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