New Mauritius Hotels Forecasts Growth as Annual Profit Rises

New Mauritius Hotels Ltd. (NMH) said profit advanced 10 percent for the 12 months through September and the country’s largest leisure operator by market value forecast higher earnings in the next six months.

Net income rose to 726.6 million rupees ($24.8 million) compared with 659.8 million rupees a year earlier, it said in a statement published on the Port Louis-based Stock Exchange of Mauritius’s website today. Revenue increased 12 percent to 7.6 billion rupees, it said.

“Should prevailing conditions not deteriorate further, earnings for the first semester, which corresponds to our high season, should improve over those of the previous year.”

The Curepipe-based group operates under the Beachcomber brand, managing eight resorts in Mauritius and one in Seychelles. It has invested 90 million euros ($116.83 million) in a property project in Marrakesh, Morocco, according to the statement, and is also planning a project in the west of Mauritius, which will include an 18-hole golf course.

The company said it’s in talks with Moroccan lenders for loans and bridging finance of about 40 millions euros to complete phase one of the project.

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis via Johannesburg at 1933 or gbell16@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net

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