IBL announces profits of Rs 75 million, after losses of Rs1.4 billion last year

Despite the consequences of the pandemic, the IBL group has posted profits of Rs 75 million for the year ending June 2021, after losses of Rs 1.4 billion last year.

Its hospitality cluster was reportedly severely impacted by the closure of borders for tourism since March 2020. It said its hotels in Maldives showed “encouraging results with occupancy rates averaging normal levels till Janary while those in Reunion were affected by travel restrictions.”

Advance bookings, it added, give rise to “measured optimism” in the sector with the borders re-opening to tourism. LUX* Grand Baie is due to open in late 2021, in time for the summer holiday season.

Group revenue dropped by 2% overall compared to FY2020 – with a combined drop in revenue amounting to Rs 3.4 billion.

With regards to its financial services cluster, IBL said Eagle Insurance performed better this year, with a gradually improving risk screening and pricing framework. “DTOS however, witnessed a drop in turnover and AfrAsia’s net interest income dropped as a result of the prevailing low interest environment.”