Rogers & Co. Ltd. (ROGERS), Mauritius’s biggest diversified company by market value, said profit for the 12 months through September fell 37 percent from a year earlier as losses at its hotel operations widened.
Net income dropped to 393.1 million rupees ($13.4 million) from 620 million rupees, the company said in a statement on the Stock Exchange of Mauritius’s website today. Earnings per share declined to 15.60 rupees from 24.61 rupees, even as revenue rose 9 percent to 10.4 billion rupees, it said.
“The operations of the group will be challenged by the continued weakness that is set to prevail in our principal markets,” Port-Louis-based Rogers said in the statement.
After-tax losses in the hotel division widened 23 percent to 343 million rupees and the business will not return to profitability in 2012, the company said. Tourism is one of Mauritius’s biggest earners of foreign currency and Europe, currently in the grip of a debt crisis, accounted for 63 percent of visitors in the 10 months through October, according to Statistics Mauritius.
Rogers was unchanged at 325 rupees at the close on the Stock Exchange of Mauritius. The stock, which has a 4.8 percent weighting in the 38-member SEMDEX (SEMDEX) index, has gained 11 percent this year, according to data compiled by Bloomberg.
To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at firstname.lastname@example.org