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SUN Hotel Group posts loss of over Rs2 billion

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SUN sold Kanuhura Resort& Spa in Maldives for USD 41.5 million

The Sun Limited group has posted after-tax loss of Rs 2.08 billion for the fiscal year. Last 12 months’ revenues stood at Rs 528m versus Rs 4.6bn last year.

Sun limited is a one of the leading hotel groups in Mauritius which currently owns and/or manages seven properties on the island: Shangri-la’s Le Touessrok Resort & Spa, Four Seasons Resort Mauritius at Anahita, Long Beach, Sugar Beach, La Pirogue, Ambre and Ile aux Cerfs.

Since 20 March 2020, the Group’s normalised operations across its Mauritian resorts and business units remained suspended and certain resorts only operated for quarantine and local business.

In order to meet the cash flow requirements and future short-term financial commitments, it sought Rs 3.1 billion from the Mauritius Investment Corporation (MIC) through redeemable convertible bonds, obtained wage assistance and renegotiated existing terms with bankers.

It completed the USD 41.5 million disposal of Kanuhura Resort in the Maldives which have enabled to repay Rs 2.4 billion of bondholders which matured in November 2020 and to cater for its second repayment in November 2021.

Sun Limited says it is confident that on the resumption of normal operations in October 2021, the Group will have a leaner and more efficient organisation to better face this new environment.

With only marginal business from quarantine and the local market, 12 months revenues stood at Rs 528m versus Rs 4.6bn last year.

EBITDA from continuing operations before impairment amounted to a loss of Rs 589m for the year compared to Rs 890m in 2020.

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