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Constance La Gaiete Group profits grow sixfold in one year

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Constance La Gaiete Group profits grow sixfold in one year

Constance La Gaiete Group (CLG), which is primarily engaged in sugarcane cultivation, has posted revenues of Rs315.9million as at 31 December 2021, compared to Rs261.2million in 2020.

This improvement was attributed to the implementation of the new biomass framework whereby the bagasse is remunerated at the rate of Rs3,300 per ton of sugar produced.

It also posted operating profit of Rs56.8 million (2020: loss of Rs27.6 million).

Other income, comprising mainly of profit on sale of land, was Rs163.3 million (2020: Rs26.5 million) and share of profit from associates of Rs12.2 million compared to Rs38.9 million in 2020.

After booking for a net finance cost of Rs7.7 million and taxation of Rs9.6 million, profit for the year was Rs209.7 million (2020: Rs33.1 million), a sixfold increase.

Incorporated in 1913, CLG is a member company of the Constance Group. It is listed on the Development and Enterprise Market (DEM), the secondary market of the Stock Exchange of Mauritius.

Besides sugarcane, it is also engaged in non-sugar agricultural activities and in the development of real estate.

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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.