|
|
|
|
|
|
The Mauritius Yellow Pages News - Stockmarket: Bourse Shrugs Off Good Company Results To Close Lower |
|
Mauritius News in French and English |
|
|||||
| Our site has been optimised for IE 5+ and is best viewed in 800x600 | ||||||
| Stockmarket: Bourse Shrugs Off Good Company Results To Close Lower | ||||||
|
Posted to the web April 17, 2001 |
||||||
|
April 10, 2001 - Port Louis, Mauritius, Indian Ocean |
||||||
|
IBL: profits up 24% in FY 2000 to Rs 250
million
IBL Group announced a 24% growth in attributable profits for FY 2000 compared to the previous year. Attributable profits stood at Rs 250.1 million as opposed to Rs 201.7 million in 1999. Dividends per share grew by as much as 83% to Rs 1.65 (Re 0.90 in 1999). The Group achieved operational profits of Rs 282.3 million, which are 28.3% higher over the previous year’s Rs 219.9 million. Turnover grew by only 6% from Rs 4.49 billion in 1999 billion to Rs 4.75 billion in 2000, which means profit margins improved. Pre-tax profits reached Rs 310.7 million (+25.3%) compared to last year’s Rs 247.9 million. Total assets crossed the Rs 5 billion mark. The Group also announced that a new Winner’s supermarket will start operations before the end of 2001 and that the development of additional units will be accelerated. IBL has entered into a strategic agreement with Shoprite Checkers Ltd of South Africa with the latter owning a 49% shareholding in the company owning the Winner’s banner. IBL said it will withdraw from the joint venture with Harel Mallac & Co. Ltd in the information technology field in two year’s time. However, IBL is to remain in the computer business after that period. Mauritian Eagle: 22% premium growth IBL’s insurance subsidiary Mauritian Eagle Insurance also posted a good performance in 2000 both in terms of premium growth and profitability. Premium income increased by 22% to reach Rs 236 million while pre-tax profits stood at Rs 30 million. Attributable profits, however, dropped from Rs 26 million in 1999 to Rs 24.4 million last year, due to the release of tax overprovisions in 1999. Net worth per share grew to Rs 50.19. Gross premiums of the company’s life business rose by 11.3% to Rs 27.9 million. Mauritian Eagle Insurance has registered an upward trend of business since the beginning of year 2001, which the directors consider as a positive sign for the current year’s operations. The company expects to maintain a reasonable growth. Shell Mauritius: 40% growth in turnover Shell Mauritius Limited also announced a 24% growth in net profits in 2000 and a 40% increase in turnover. Profits for the year stood at almost Rs 154 million as opposed to Rs 124 million in the previous year. Turnover amounted to Rs 3.8 billion. EPS improved from Rs 4.24 to Rs 5.25 while dividends per share rose from Rs 3.35 to Rs 5.00. Swan Group: 30% growth in attributable earnings Swan Group, the leader in insurance business in Mauritius, posted a 16.7% growth in gross premiums in FY 2000 and a 30% growth in attributable earnings. Swan’s gross premiums increased from Rs 412.8 million in 1999 to Rs 481.7 million in 2000 while attributable profits rose from Rs 41.5 million to Rs 53.9 million. Pre-tax profits stood at nearly Rs 63 million (Rs 48.5 million in 1999). The Group’s life business assets increased from Rs 4.7 billion in 1999 to Rs 4.9 billion in 2000. Earnings per share improved to Rs 7.52. Dividends per share grew from Rs 3.00 to Rs 3.25. Delphis Bank: profits trimmed by higher provisions Delphis Bank Limited witnessed a drop in profits in FY 2000 due to higher provisions for bad and doubtful debts. Pre-tax profits declined from Rs 95.8 million in 1999 to Rs 73.4 million in 2000 (–23.4%) as provisions for bad and doubtful debts rose from Rs 6.8 million in the previous year to Rs 23 million for 2000. The bank explained that higher provisions stem from “a prudential approach”, adding that “profitability was under pressure owing to many challenges faced by the Mauritian economy.” Net profits were 21.5% lower at Rs 59.9 million (Rs 76.3 million in 1999). EPS dropped to 20 cents. Shareholders will however obtain a better dividend at 20 cents per share compared to 15 cents last year. The bank’s capital and reserves remained unchanged at Rs 622 million. Deposits grew by 23.3% to almost Rs 4.4 billion while advances increased by 13.9% to a little more than Rs 3 billion. The bank’s directors are confident that prospects for 2001 are “promising in view of the better economic conditions prevailing in the country.” They expect the bank to post a better performance this year. MCB: promising first half year The Mauritius Commercial Bank (MCB) announced a 28% growth in pre-tax earnings for half-year 2000/2001. Pre-tax profits stood at Rs 688 million for the period as opposed to Rs 537 million for the corresponding half of the previous financial year. Attributable profits increased from Rs 446 million to Rs 540 million (+21%). Deposits and advances reached Rs 56.4 billion (+7.6%) and Rs 50.9 billion (+14.1%), respectively, as at 31 December last. State Bank: 17.8% pre-tax profit growth State Bank of Mauritius (SBM) registered a 17.8% growth in pre-tax profits in first half 2000/2001 compared to the level attained in the corresponding period of the previous year. Pre-tax profits for the first six months of the year stood at Rs 466.2 million as opposed to Rs 395.7 million in the previous year’s first half. Attributable earnings improved from Rs 357.2 million to Rs 407.1 million (+13.9%). Deposits and advances as at 31 December 2000 amounted to Rs 21.9 billion (+5.3) and Rs 20.1 billion (+7%) respectively. Mauritius Breweries and PCM rationalise operations Mauritius Breweries Limited and Phoenix Camp Minerals announced they have agreed in principle to a rationalisation of their business operations with a view to “achieving a common distribution and management structure”. Mauritius Breweries witnessed a 12% drop in pre-tax profits in first half 2000/2001 to Rs 52.4 million due to increases in the prices of raw materials due to the appreciation of the dollar and the Pound sterling, higher energy costs, delayed price increase of beer products and loss incurred by united Breweries Lanka, an associated company. Net profits dropped from Rs 50 million in the previous year’s first half to Rs 46.3 million (-8%). Gamma-Civic suffers from loss in cement business Construction and building materials Group Gamma-Civic announced its profits in first half 2000/2001 decreased compared to the corresponding period of the previous FY, from Rs 20.4 million to Rs 16.8 million, due to losses incurred by Ciment de l’Océan Indien Ltée which started operations on 26 June 2000. Management reassured that the rest of the Group “performed satisfactorily in spite of reduced margins and a major increase in the price of fuel and electricity”. Air Mauritius, turmoiled by interior problems which led to the resignation of Vijay Poonoosamy as Managing Director, saw its share price fall slightly to Rs 14.90. P.O.L.I.C.Y: bonus issue P.O.L.I.C.Y announced it is proceeding with a bonus issue of 30,400,001 ordinary shares in the proportion of two new shares for every five shares held.
|
||||||
|
|
|
|