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Rogers’ revenue down by 25%, posts loss of Rs214M

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Photo credit: L'Express

Rogers’s revenue for the quarter ended March 2021 fell by 25% to Rs 1.74Bn (Q3 2020: Rs 2.32Bn). Despite the drop in revenue, attributed to international borders closure, travel restrictions and the national lockdown which started on 10 March 2021, the Group said it managed to reduce its losses to Rs 214M excluding exceptional items (Q3 2020: Rs 361M). 

Its FinTech activities reported a PAT of Rs 86M (Q3 2020: Loss of Rs 70M). 

Its Hospitalityactivities recorded a substantial loss of Rs 379M (Q3 2020: Rs 92M). 

Its Logistics cluster reported a PAT of Rs 33M (Q3 2020: Loss of Rs 6M) – attributed to the improved performance of its freight forwarding businesses in France and Kenya and increased volumes in sugar packaging activities. “Those results were nonetheless partly offset by the slowdown in warehousing and transport activities,” it said.

Rogers’ Property cluster posted a PAT of Rs 56M (Q3 2020: Loss of Rs 121M). Ascencia reported a satisfactory performance compared to last year when substantial provisions were made. The underperformance of Agrïa and Case Noyale resulting from lower agricultural and tourism activities was mitigated by profit realised from sale of land by Les Villas de Bel Ombre. 

Group revenue for the nine months to March 2021 amounted to Rs 5.67Bn (Mar-20: Rs 7.73Bn) and losses, excluding exceptional items, totalled Rs 680M (Mar-20: PAT of Rs 174M).

“In spite of most sectors showing resilience, the Group expects to report substantial losses for the financial year ending June 2021 as a result of the unprecedented operational context facing the Hospitality industry,” it said.

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