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New Mauritius Hotels Q1 pre-tax profit up 0.7 pct
February 16, 2017 / 12:59 PM / 8 months ago

New Mauritius Hotels Q1 pre-tax profit up 0.7 pct

PORT LOUIS, Feb 16 (Reuters) - New Mauritius Hotels (NMH) posted a 0.7 percent increase in first-quarter pretax profit helped by an increase in tourist arrivals, it said on Thursday.

Among the Indian Ocean island nation’s most-traded stocks, NMH said pre-tax profit rose to 650 million rupees ($18.34 million) for the quarter to December 31.

It said average occupancy rate in its hotels increased to 78 from 73 percent a year ago, with improvement in Mauritius and Morocco.

Revenue fell to 3.04 billion rupees from 3.26 billion due to lower villas sales in Marrakech.

“Forward bookings for the second quarter of the financial year are lagging slightly behind with the peak Easter period expected in April as compared to March last year,” NHM said.

The tourism sector is a key driver of the Indian Ocean island’s $10 billion economy.

Earnings per share remained unchanged at 1.07 rupees.

$1 = 35.4500 Mauritius rupees Reporting by Jean Paul Arouff; editing by Clement Uwiringiyimana and Jason Neely

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