New Mauritius Hotels Reports 17% Profit Rise

11th May 2011 (Last Updated May 11th, 2011 18:30)

New Mauritius Hotels has reported a 17% rise in first-half profit, with a pretax profit of MUR1.06bn ($36m) during the six months to the end of March. The company's first quarter profit rose to MUR334.6m ($12.2m) from MUR268.1m ($9.4m) during the corresponding period last year. Its rev

New Mauritius Hotels has reported a 17% rise in first-half profit, with a pretax profit of MUR1.06bn ($36m) during the six months to the end of March.

The company’s first quarter profit rose to MUR334.6m ($12.2m) from MUR268.1m ($9.4m) during the corresponding period last year. Its revenue increased to MUR2.11bn ($74m) from MUR1.97bn ($69.4m) a year earlier.

The Mauritius-based hotel group is negotiating a loan and bridging facility worth €25m to invest in the first phase of the Domaine Palm Marrakech project in Morocco, which will feature 70 villas, a golf course and a hotel.

The company has already invested €60m in the project, which is expected to be completed in 2013.