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Hotel investment group posts losses of Rs1.4billion

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Photo: Constance Hotels

BMH Ltd (ex-Belle Mare Holding), an investment holding company which is part of the Constance Group, has posted losses of Rs1.4 billion in 2020 (2019: Rs167.3 million).

Commenting the results, BMH said 2020 was “completely overshadowed by the COVID-19 pandemic which has wreaked havoc, on an unprecedented scale, to human life, economies and industries across the globe.”

The tourism industry, it added, was probably the hardest hit with consumer travel brought to a complete halt through national curfews and lockdowns, flight suspensions and closure of borders.

“The financial and operational performances of our ultimate subsidiary Constance Hotels Services Ltd (CHSL), were severely impacted that the sudden closure of its hotels in the aftermath of border closures,” it said in its abridged audited financial statements for the year ended 31 December 2020.

BMH is listed on the Stock Exchange of Mauritius.

In Mauritius, CHSL runs Prince Maurice and Belle Mare Plage hotels. It also runs five other hotels spread across Maldives, Seychelles and Madagascar.

Revenues for 2020, mostly derived from CHSL’s activities fell significantly from fell significantly from Rs3.51 billion in 2019 to Rs1.58 billion in 2020.

With cost containment measures undertaken during the year and the support of the wage assistance scheme, EBITDA was Rs211 million, down from Rs952 million last year.

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