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New Mauritius Hotels swings to loss in full year
December 28, 2016 / 7:48 AM / a year ago

New Mauritius Hotels swings to loss in full year

PORT LOUIS, Dec 28 (Reuters) - Luxury hotel group New Mauritius Hotels on Wednesday swung to a loss of 758 million rupees ($21.14 million) in the year to Sept. 30 from a pretax profit of 230 million rupees a year earlier, hit by a poor performance at its Moroccan business.

The company owns eight hotels in Mauritius, one in the Seychelles and another in Morocco.

“The poor performance of Royal Palm Marrakech (RPM) continued to significantly affect the Group results, with Beachcomber Hotel SA (the company which owns and operates RPM) posting a negative profit after tax of 785 million rupees,” NMH said in a statement.

NMH said it was in the final stages of negotiation with an international hotel operator with a view to handing over management of the Beachcomber Hotel to this company.

It said occupancy rates in its Mauritian hotels for the first quarter of financial 2017 were higher than last year.

Revenue for the year rose to 9.60 billion rupees from 9.15 billion a year ago. It posted a loss per share of 2.06 rupees compared with earnings per share of 0.29 rupees. ($1 = 35.8500 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by George Obulutsa and Jane Merriman)

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