Mauritius-based luxury hotel group Sun Resorts full-year pre-tax profit dropped 9 percent in 2011 due to higher taxes, and it said on Thursday the first quarter of 2012 was likely to be challenging.
Tourism, which typically generates about 10 percent of the gross domestic product of Mauritius's USD$11 billion economy, is being hit by sagging economies in its key European markets, which are battling the effects of the eurozone debt crisis.
Profit before tax fell to MUR205.5 million rupees (USD$7 million) last year from MUR226.9 million a year ago, Sun Resorts said in a statement.
Earnings per share rose to 2.46 rupees from 2.45 rupees.
The group declared a dividend of 0.70 rupees per share against 0.65 rupees a year ago.
"As evidenced by a decrease in tourist arrivals in January, the group expects a challenging first quarter," it said.
The group said its Maldives operations looked encouraging for the first quarter, and that it expected to finish at the same level as the corresponding quarter in 2011.