The ‘Rogers’ building in Port-Louis. The group encountered an important decline in its profits due to the recession.
The year 2009 has not been a good one for the Rogers group. The profits after the taxes, encountered a severe decline. They are registered at Rs 565 million as compared to the Rs 2 billion registered in 2008. This important decline is caused mainly by the recession on the principal markets.
The tourism industry and the activities related to the Integrated Resort Scheme (IRS) are among the group’s most affected sectors. Last year’s profits include the sales of two hotels for the sum of Rs 1 billion.
The financial services sector realised an increase of 18% in the profits after the deduction of taxes, increasing from Rs 347 million to Rs 411 million. Actually, most of their activities registered positive financial results. To be noted that the Global Business benefited of a stronger dollar. Externalised activities also reconnected with profitability.
Regarding hotels, they encountered a loss of Rs 97 million compared to a profit of Rs 252 million last year. In fact, high class hotels were mostly affected. This is due to a lower occupation rate. The high financial charges of the Heritage Telfair Gold and Spa Resort contributed to those losses. However, the 3-stars hotels of the Veranda group have known a satisfactory performance.
The group’s property sector has known an increase in their profits. They went from Rs 17 million to Rs 150 million. This is due to the increase in revenues of the Ascencia group property budget.
Regarding the Real Estate sector and the agro-industry, we notice that they have been affected by the lateness in construction and the slow-down of the sales of villas.
The Rogers’ direction considers that it is most probable that the group’s high-class hotels will be affected in 2010. However, the financial services sector shall encounter the same performance than in 2008. Nevertheless, the group estimates that 2010 will be, as a whole, a financial year full of challenges.
Source : L’express dated Monday 14 December 2009
