CIEL profitable again, but debt hits Rs14.5billion

CIEL Group performance for the first quarter of the 2021-2022 financial year brought improved profitability from all clusters and reduced losses from the Hotels & Resorts activities.

“The Group results are on an upward trend, with earnings per share for this quarter being above pre-COVID levels,” it said in its financial statements just released.

CIEL posted profits of Rs5.97 billion, a 29% increase compared to same period last year.

Profit after tax was Rs192million up from a loss of Rs270million last year.

Group net interest-bearing debt increased by Rs294million to Rs14.5 billion as at 30 September 2021, ‘due to higher working capital requirements at CIEL Textile and capital expenditure and operational financing requirements at SUN Group level.”

CIEL is the second largest group in Mauritius, according to Business Magazine’s latest Top 100 companies ranking.