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Evaco’s revenues down 45%, posts losses of Rs221.2 million

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Evaco's revenues down 45%, posts losses of Rs221.2 million
Photo:evaco-capmarina.com

EVACO Ltd – which is engaged in property development, consulting & corporate services, leisure & hospitality (classified under EVACO Escapes) – has realised a Loss After Tax of Rs 221.2M for the year ended 30 June 2021, compared to Rs 55.5 million for the prior year.

EVACO Group revenue for the year ended 30 June 2021 amounted to Rs 434.2 million representing a decrease of 45.6% when compared to prior year (Rs798 million).

In its financial statements submitted to the Stock Exchange of Mauritius, EVACO said it had secured the sale of 175 units worth Rs3.6billion related to its Cap Marina project. But, it could not proceed with the signature milestone for the majority of them due to the closure of borders.

Group revenue for the quarter ended 30 September 2021 amounted to Rs 155 million with a realised Profit After Tax of Rs 13.8 million for the quarter compared to Rs 20.7 million for the prior period.

Commenting the results, EVACO said it is confident that it will be able to overcome the challenges which lay ahead.

“This is reflected in the quarter 1 results, whereby both the company and the group show that we have now returned to profitability.”

“The progress in terms of units built and delivered has resumed:
The last phase of CDL2, comprising of 23 units, has been completed with some units awaiting final delivery to overseas clients.

“The construction of the first 86 units of Cap Marina is still ongoing and is in line with our set targets. The local phase comprising of 21 villas has been launched during the quarter and an additional phase for 50 town houses is due for the next quarter.”

The company has opted to report investment in subsidiaries at fair value as from the year ending 30 June 2021 in accordance with IFRS 13. The fair value gain has been recorded as a reserve in the books of the Company for an amount of Rs 3.062 bn.

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.