Mauritius’s Sun Resorts Drops to 3-Year Low on Lower Profit Bets
Sun Resorts Ltd. (SUN), Mauritius’s second-biggest leisure company by market value, fell to the lowest level in almost three years as investors anticipate lower full-year earnings.
The number of visitors in the Indian Ocean island nation advanced 0.7 percent in the fourth quarter through December, the first half of the tourism peak season, compared with a 9.8 percent rise a year earlier. Tourist arrivals for 2011 advanced 3.2 percent to 964,642 tourists against a January forecast of 7 percent.
The weakness is in “anticipation of its final year 2011 results, which are expected to be in line with the industry,” said Kishen Nadassen, a senior research analyst at CIM Stockbrokers, in a phone interview from the city. Sun Resorts is rated as “hold” at the brokerage.
Sun Resorts reported Nov. 15 its loss in the third quarter through September widened to 172.5 million rupees ($6 million) from 133 million rupees a year earlier.
New Mauritius Hotels Ltd. (NMH), the country’s largest leisure operator by market value, said Feb. 10 net income for the three months through December declined to 548.9 million rupees from 567.9 million rupees a year earlier.
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