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LUX Island Resorts bounces back into profit

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LUX Island Resorts bounces back into profit

Hospitality group LUX Island Resorts has posted profits of Rs 423 million for the quarter ended 31 December 2021 against a loss of Rs 191 million in 2020.

For the period, revenue rose to Rs 1.9 billion compared to Rs 750m in 2020, according to Financial Statements published on the website of the Stock Exchange of Mauritius (SEM).

For the semester ended 31 December, LUX’s turnover increased by more than twofold, from Rs 1billion to Rs 2.6 billion. Profit went up to Rs 100 million compared to a loss of Rs 556 million for the same semester in 2020.

Commenting the results, LUX said, with the full reopening of borders, its hotels achieved an occupancy of 65% and a turnover of Rs 1 billion; more than a fourfold increase from the corresponding quarter last year and 13% less than in 2019.

Operating profit from normal operations for the quarter amounted to Rs 252million compared to an operating loss of Rs 118 million a year ago. As a measure of comparison, operating profit for the quarter ended 31 December 2019 was Rs 318 million.

As of 31 December 2021, deeds of sales for 26 IHS units out of the 29 units were executed at LUX* Grand Baie. Four villas were completed and delivered, and in accordance with the relevant IFRS, the profit on those four villas amounting to Rs 154m has been recognised in the current quarter.

The residences are still under construction and completion is expected by the beginning of March 2022.

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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.