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Mauritius’s Sun Resorts Drops to 3-Year Low on Lower Profit Bets

Feb. 29 (Bloomberg) -- Sun Resorts Ltd., 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 stock retreated for a second day, losing 4.9 percent to 39 rupees by the end of trading in Port Louis, the capital, the lowest since April 2009, according to data compiled by Bloomberg.

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., 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.

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net.

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

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