Rogers & Co., a Mauritian company with interests in tourism, aviation and construction, said profit for the year through September fell 5 percent on wider losses at its hotels unit.
Net income declined to 620.2 million rupees ($20.3 million) from 652.3 million rupees a year earlier, the company said in a statement e-mailed by the Port Louis-based Stock Exchange of Mauritius today. Revenue advanced to 9.51 billion rupees compared with 8.64 billion rupees in the prior period.
“The performance of the hotels sector and global businesses were affected by the weak conditions and a strong Mauritian rupee,” the company said. “However, the domestic-oriented sectors reported improved results with the relative strength of the local economy.”
An economic crisis in Europe, the source of two-thirds of the Indian Ocean island nation’s tourists, and a firmer rupee have hurt tourism and damped exports. The rupee gained about 10 percent against the euro in the 12 months through September.
The hotel unit’s net loss widened to 278 million rupees from 127 million rupees a year earlier, Rogers said.
The company has “better prospects” in the next financial year, with all its hotels being operational and because of an expected increase in tourism arrivals, it said.