CIEL Limited, formed of the amalgamation of CIEL Investments Ltd (CIL) into Deep River Investment Limited (DRI), witnessed a 75.4% rise in profits to Rs 377.7 million for the half year ended December 31 against Rs 215.3 million a year ago.

However, the last quarter from October to December saw the group incur losses of Rs 15.3 million against a profit of Rs 124.89 million in the corresponding period of 2012.

On the revenue front, group turnover for the half year ended December 31, 2013 saw a stellar rise to Rs 5.02 billion compared to the corresponding half year of 2012 where the group achieved Rs 100,000 in revenues.

Further, for the quarter ended December 31, 2013, CIEL generated revenues of Rs 2.24 billion against Rs 50,000 for the corresponding period of 2012.

It may be noted that the profit or loss statement for both the group and company reflect the financial results of Deep River Investment Limited prior to amalgamation.

Further, subsequent to the acquisition by the company of an additional stake of 16% through an outright purchase and a takeover scheme in CIEL Textile Limited (CTL), the latter is now consolidated as a subsidiary. In 2012, it was an associate undertaking, with a limited share of CTL’s profits reflecting in the profits of CIEL. This reclassification has led to a re-measurement gain of Rs 158 million at group level.

For the first six months of the financial year, the income of the company consisted of dividend from its subsidiary and associates operating in the textile, agro industry & property and in the hotels, financial and healthcare sectors through CIL.

The company received Rs. 53.3 million (Rs 39.9 million in 2012) of dividend income for the period ended December 31, 2013 while it received Rs 39.9 million and declared Rs 30.7 million in dividends in 2012.

The share of associates for the 6 months period under review includes the 20.96% share of profit of Alteo Limited at Rs 75.8 million together with a 38.21% share of loss of CIL of Rs 93.8 million, mainly due to exceptional charges prior to amalgamation.

The net assets value per share stood at Rs 8.57 for the group and at Rs 6.46 for the company, as at December 31, 2013.

CIEL Limited has been transferred to the official market of the Stock Exchange of Mauritius with a share capital of up to 1,231,348,180 ordinary shares since February 3, 2014.

Image (via company): Formed of the amalgamation of CIEL Investments Ltd (CIL) into Deep River Investment Limited (DRI), the company witnessed a 75.4% rise in profits to Rs 377.7 million for the half year ended December 31 against Rs 215.3 million a year ago.

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