Terra Mauricia Ltd., a Mauritian company with interests in sugar production and energy, said 2011 profit more than doubled as its sugar division reversed losses.
Net income rose to 582.7 million rupees ($20.1 million) from 250.4 million rupees a year earlier, the Port Louis-based company said today in a statement. Its specialty sugars unit reported profit after tax of 261.3 million rupees, compared with a loss of 61.4 million rupees a year earlier.
“Such nice earnings are better than expected,” Bhavik Desai, a research analyst at Port Louis-based Axys Stockbroking Ltd., said today by telephone. “The key factor here is sugar. The trend will most probably be maintained on sugar pricing and the exchange rate against the euro.”
The rupee has appreciated 2.4 percent against the euro in the past six months, according to data compiled by Bloomberg.
Profit after tax advanced to 760.6 million rupees from 400.2 million rupees a year earlier, Terra Mauricia said in the statement. That beat Axys’s 580 million-rupee estimate in a September report. Axys recommends buying the shares.
Terra Mauricia has gained 2.1 percent this year on the Mauritius stock exchange, and traded unchanged at 39 rupees today.