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ENL Land turnover increases by 11%

l'eco

ENL Land turnover increases by 11%

ENL Land recorded an 11% increase in turnover to Rs 11, 2 billion for the year ended 30 June 2018, mainly driven by the hospitality and real estate segments. Hospitality benefitted from the continued buoyancy of the tourism sector whilst real estate was impacted positively by the continued good performance of the shopping malls and sale of residential land.

Operating profits decreased by 10%, to Rs 923 million, affected by the losses suffered by the sugar activities resulting mainly from a significantly lower sugar price coupled with a reduced sugar tonnage. 

In spite of the lower operational results, profit before taxation from continuing activities was broadly similar to last year’s due to higher profit on sale of land and investments and an increase in the share of profit from associated companies.  Profit After Tax decreased by 3% to 1, 36 billion.

The Eclosia group continued to post strong results whilst New Mauritius Hotels incurred significantly reduced losses for the year ended 30 June 2018. Total assets increased by 6% to Rs 61.6bn on the back of significant investments during the year and gains in the value of our investment properties. Indebtedness rose from Rs 14.2bn to Rs 16.5bn. New debt was contracted to finance investments supporting the development of our activities in most of our segments. The gearing ratio remains sound at 30.3%, slightly up from 27.5% in June 2017.

Hector Espitalier-Noel, CEO of
the Group commented : “ We are pleased with the year’s results despite the difficulties facing
the sugar sector, thus demonstrating the Group’s resilience to downturns
through our diversified activities. The various developments initiated overs
the past years should enable the Group to post strong results for 2019”.

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