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The Mauritius Yellow Pages News - Mauritian Firm Records Sharp Decline in Profit |
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Mauritian Firm Records Sharp Decline in Profit |
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February 15, 2001 Tell a friend about this article
Port Louis, Mauritius Mauritian leading business group, Consolidated Investments and Enterprises Ltd (CIEL), Wednesday announced profit worth 114,9 million rupees for the 1999/2000 financial year, as against 229,2 million rupees recorded in the preceding year. (27.5 rupees =1USD). This represents a 50-percent decline in profits. Cyril Lagesse, CIEL Board chairman, blamed the decline on the 82,9 million rupees loss reported by Floreal Knitwear, one of its members. "Floreal exports 70 percent of its products to countries of the European Union, while importing its raw materials mainly from the United States. This factor coupled with tough market conditions and increased costs is the main reason behind the disappointing results," Lagesse explained. CIEL's management said Floreal Knitwear would, however, pursue its integration in countries where the costs of production are considered low, particularly Madagascar. "It's presence in this country (Madagascar) is a key factor in maintaining long-term competitiveness," said Chief Executive Arnaud Dalais. |
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