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Blue Life reports losses of Rs12.5million, sells stakes in PL Resort Ltd

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Blue Life reports losses of Rs12.5million, sells stakes in PL Resort Ltd

Blue Life Group has reported losses of Rs 12.5million (2021 – Rs43.5million) for the quarter ending March 2022 and year-to-date losses of Rs 45million (2021 – Rs 140 million). During the quarter, it successfully completed the sale of its stake in PL Resort Ltd.

After the lifting of all travel restrictions in December 2021, Haute Rive Azuri Hotel Ltd registered a spike in occupancy rate which reached 67% (2021 – 25%), averaging 55% for the year to date (2021 – 26.4%).

This increase in occupancy resulted in a turnover of Rs65.6 million for the quarter (2021: 24.4 million which was during COVID-19 outbreak) and of Rs167 million for the year to date (2021:Rs84.6million).

In its financial statements, Blue Life said the losses of its hospitality cluster have been contained, reporting losses of Rs216K for the 9 months to March 2022 (2021: losses of Rs46.2million).

With respect to its IRS development “Ocean River Villas”, it said it signed additional deeds of sales in the quarter ending March 2022 and additional reservations. To date, 63% of the units have been sold or reserved.

Having completed reservations of its residential developments namely “Les Hautes Rives”, “Ennea North” and “Halona”, Blue Life also successfully launched two new projects: the “Amara Fairview” which consists of 8 plots serviced lands and the “Palméa 1” which comprises of 4 high-end villas. The projects have reportedly achieved 90% level of reservations.

On 31 March 2022, the Group total assets and net assets value stood at Rs3.25 billion and Rs2.05billion respectively (June 2021: Rs3.57billion and Rs2.07billion). Net assets per share was Rs.1.77 as compared to Rs1.80 on 30 June 2021.

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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.