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ENL posts Rs1billion loss for the second consecutive year

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ENL posts Rs1billion loss for the second consecutive year
Photo: ENL

The ENL group has been hit hard, with losses of Rs 1 billion for the second consecutive year, according to its latest figures submitted to the Stock Exchange of Mauritius.

For the financial year ended June 30, 2021, the conglomerate’s revenues dropped by 5%, from Rs14.3billion (in 2020) to 13.5 billion.

Among the group’s activities, hospitality segment reportedly suffered most and registered a 70% drop in revenue – from Rs3billion as of June 30, 2020 to Rs 859.1 million.

+The segment however benefited from the Government Wage Assistance Scheme, which helped mitigate losses; nonetheless losses increased from Rs 690m to Rs 2.5billion as of June 30, 2021.

Despite the difficult environment, the newspaper reported, other segments performed well except agro-industry.

On the other hand, the real estate and fintech segments posted significant profits compared to losses last year.

Excluding the hospitality segment, the group made a profit after tax of Rs 1.4billion compared to a loss of Rs 360m for the previous year.

“The group’s balance sheet remains strong and we have been able to continue investing during the crisis in line with our long-term plans,” ENL explained.

Total assets grew to Rs 78billion while its gearing ratio stood at a 37% at 30 June 2021, similar to last year.

“The strength of the group’s balance sheet puts it in a position to further leverage its assets in order to continue its business development goals,” ENL said.

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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.