Mauritius’ services conglomerate, Rogers, reported group profit after tax (PAT) of Rs 700 million and group revenues of Rs 6.19 billion for the year ended June 30, 2014, driven by its property and financial services units, according to data released on the Stock Exchange of Mauritius.
Revenue for the year ended 30 June 2014 grew by 3.17% to Rs 6.19 billion, compared to last year’s revenue for the same period which stood at Rs 6.0 billion.
Additionally, group PAT, excluding exceptional items, grew over last years’ to reach Rs 700 million for the year ended 30 June 2014, compared to the corresponding period last year when it stood at Rs 519 million.
However, group PAT inclusive of exceptional items was arrived at Rs 771 million for the financial year ended 30 June 2014, compared to Rs 2,048 million for the corresponding period last year.
The exceptional gains in 2012-13 considered of reclassification adjustment for gains of available-for-sale financial assets of Rogers Ltd consequent upon its takeover by Mauritian conglomerate ENL Ltd (Rs 648.8 million), as well as accounting for excess of fair value of share of net assets of Rogers, over their quoted price (Rs 686.4 million).
On a segmental analysis, property, financial services performed well while Real Estate & Agribusiness sector suffered losses.
The Financial services sector achieved a PAT of Rs 111 million in the year ended June 2014 compared to Rs 70 million in the 12 months ended June 2013.
“The Financial Services sector achieved robust results driven by the significant improvements in the performance of the associates, Swan Insurance Company Ltd and Anglo Mauritius Financial Solutions Ltd,” the board noted.
The aviation sector posted an increase in PAT of 7.02%, from Rs 57 million to Rs 61 million, as a result of turnaround of the cargo operations in South Africa and the improved performance of its activities in Madagascar and Mauritius.
Also, the hospitality sector witnessed a PAT of Rs 97 million for the year ended June 2014, compared to the similar period of 2013 where the PAT was Rs 40 million.
The Board mentioned that this sector was boosted on the account of its associate, New Mauritius Hotels Ltd, which contributed Rs 78 million to the PAT of the Sector.
On the other hand, the Real Estate & Agribusiness sector performed a loss of Rs 44 million for the year ended June 2014.
“The Real Estate & Agribusiness sector suffered losses on account of lower sales of villas on the one hand and a reduction in sugar prices on the other,” the Board stated.
Furthermore, the financial statement outlined that the positive signs emerging from the US are yet to translate into a recovery in the Eurozone economies, which remain the key overseas markets of the Group.
“Despite these challenges, the group will continue to build upon the momentum of the strategic initiatives started in 2012 and is expected to improve its performance for the year to 30 June 2015,” the Board concluded.
In important developments in 2013-14, it may be noted that Rogers subsidiary Ascencia Ltd acquired two commercial properties – Les Allées d’Helvetia Commercial Centre Ltd and Kendra Saint Pierre Ltd — and an interest in a third commercial property — Bagaprop Ltd – on July 1, 2013.
It may further be noted that the accounting year was changed from the calendar year ended 30 Sept. 2013 to the financial year ended 30 June 2014, hence the financials have been recast in terms of 12 months unaudited statements from 1 July 2012 to 30 June 2013, to make them comparable with the current year financials, from 1 July 2013-30 June 2014.
Image (Accommodation.io): Additionally, group PAT, excluding exceptional items, grew over last years’ to reach Rs 700 million for the year ended 30 June 2014, compared to the corresponding period last year when it stood at Rs 519 million.
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