New Mauritius Hotels Q1 Profits Up 6.3 Pct

February 17, 2014

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Hotels group New Mauritius Hotels (NMH) reported a 6.3 percent rise in first half pre-tax profit on Monday due to higher occupancy rates and forecast a better second quarter.

The group, which owns nine hotels in Mauritius, one in the Seychelles and another in Morocco, posted a pre-tax profit of MUR570.55 million rupees (USD$18.89 million), pointing to a turnaround in the Indian Ocean island's tourism sector.

Last year, it reported a 29 percent fall in full-year pre-tax profit, hit by fewer arrivals from Europe.

However, the increase in seat capacity by Air Mauritius on the China route and by Emirates with a daily Airbus A380 flight from Dubai would boost visitor arrivals in the second quarter, the group said in a statement.

Revenue increased by 3.1 percent to MUR2.56 billion rupees.

Earnings per share rose to 3.18 rupees from 2.92 rupees in the same period a year ago.