NEW MAURITIUS
HOTELS LIMITED
INTERIM FINANCIAL REPORT
SIX MONTHS ENDED MARCH 31, 2006
The consolidated Interim Financial Report for the six months ended March 31, 2006 is unaudited and has been prepared in accordance with IAS 34 – Interim Financial Reporting.
There has been no change in the accounting policies and methods that were adopted in the last Financial Statements.
Results
The Group achieved a satisfactory earnings performance of Rs 971million for the first six months in spite of a shortfall of some Rs 75 million suffered in March on account of the Chikungunya threat. The benefit of the Easter holidays, estimated at Rs 30 million, will this year accrue in the second semester.
Earnings per share (EPS) were Rs 6.01 as compared to Rs 5.95 last year for the same period.
Though revenue per client per day remained at the same level as last year due to the cautious rate policy applied, the average rate of occupancy rose by four percentage points to 76% and total revenue by 9.2% to Rs 3.519 billion. Operating profit, however, was practically the same at Rs 1.285 billion. Although the increase in variable costs per guest was well contained at 2.5% through efficient procurement policy and effective controls, total costs increased by 10 %, attributable mainly to higher energy rates, payroll and related expenses and depreciation charges.
A dividend of Rs
2.00 per share totalling Rs 322.8 m was declared on 24 March 2006 and paid on 2
May 2006.
Based on the results for April and forward bookings in hand, a growth of 5% in earnings is expected for the financial year after taking into account:
· the closure of Le Victoria for renovation from May to September 2006,
· the refurbishment of 181 deluxe rooms at Le Shandrani and 8 luxury villas at Le Paradis and,
· an estimated shortfall of Rs 200 million in earnings due to Chikungunya.
The Interim
Financial Report is issued pursuant to Listing Rule 12.21.
The Board of
Directors of New Mauritius Hotels Limited accept full responsibility for the
accuracy of the information contained in the Interim Financial Report.
Copies of the
Interim Financial Report are available free of charge at the head office of the
Company at 10, Robert Edward Hart Street, Curepipe.
By order of
the Board