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Island’s top group posts losses of almost Rs1 billion

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Hector Espitalier-Noël (photo credit: enl.mu)

The full Annual Report of ENL Limited for the year ended 30 June 2020 has reportedly taken longer than anticipated. And the Stock Exchange of Mauritius has acceded to ENL’s request for a further extension of the deadline to submit its interim (quarterly) reports for the periods ended 30 September 2020 and 31 December 2020, by 30 April 2021.

Meanwhile, l’Express reported that the Group’s financial statement as of June 30, 2020 “shows losses of Rs957.3M mainly due to the shutdown of its hotel activities.” As of June 30, 2019, it had recorded profits of Rs1.1Bn.

The CEO Hector Espitalier-Noël reportedly stated that the Group has its “eyes riveted on 2022, during which it hopes to return to profitability.”

For that, he claimed there is a need to speed up the national vaccination campaign “to allow Mauritians to live with the coronavirus and avoid the looming economic crisis.”

Its revenues reportedly fell by 10.4% from Rs16Bn to Rs14.4Bn in 2020. Assets grew by 10.2%, to Rs74.3Bn (2019: Rs67.5Bn) – “owing to the revaluation of its properties and fresh capital injected into subsidiary companies by investors outside the group.”

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