Terra Mauricia, one of the leading business conglomerates in Mauritius, has posted a consequential loss of Rs210.4 million, compared to a restated profit of Rs446.6million in 2019.
The Group’s financial statement just released also indicate a drop of Rs295.1 million in turnover, from Rs5.1billion to Rs4.8billion in 2020.
It said most clusters of the group were resilient in 2020 despite the COVID-19 pandemic.
“The pandemic had a negative impact mainly on the Brands and Property & Leisure clusters as a direct consequence of the closure of our borders. The Group’s financial performance includes unrealised impairment losses of Rs495.8million on investments and Rs22.3million on goodwill.”
These impairments, it said, had a very substantial impact on its overall performance.
The Group remains hopeful that most clusters of its clusters, including main associates, will post improved results for the financial year 2021.
“We are experiencing good demand for the property projects that we are launching at Beau Plan and other sites. The opening of the Mahogany Shopping Promenade has been successful, and we are starting construction of a 10,000 square meters Office Park next to the Mahogany Shopping Promenade,” it said.
It added that the setting up of a biomass framework, as announced in the National Budget 2021/2022 will contribute towards the improvement of the sugar price for the crop 2021 and contribute towards the sustainability of the sugar-cane industry.
It added that Terragen finalised its offtake agreement with the CEB last year “to pursue its operations over the next five years and is working on a Hybrid power plant project to produce more energy from renewable sources.”
The Group balance sheet remains strong, with owner’s interest at Rs13.6billion and group gearing remaining low at 22.4%.
Terra Mauricia Ltd is listed on the Official List of The Stock Exchange of Mauritius Ltd since January 1, 2012.
Click here for the abridge audited financial statements for the year ended December 31, 2020.