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Odysseo oceanarium piling up losses; banks on schools, tourists

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Odysseo oceanarium piling up losses; banks on schools, tourists

Oceanarium (Mauritius) Ltd (OML), which operates the Odysseo oceanarium, has posted a total comprehensive loss of Rs23.7million for the financial year ended 30 June 2022.

Basing on its latest statement just published on the Stock Exchange of Mauritius, this represents a 72% increase in losses compared to its 2021 figures (loss of Rs13.7million).

Explaining the results, OML said several events such as the “inclusion of Mauritius on the French scarlet red list, the closure of Mauritian borders to South Africa in December 2021 and the ongoing sanitary situation linked to the Covid-19 pandemic have resulted in a lower number of visitors at Odysseo.”

The real loss for the year was Rs24.2 million which was slightly offset by a comprehensive income of Rs500,000, bringing down the total comprehensive loss to Rs23.7 million.

Its share price has fallen to Rs9.12 from Rs10 since its Initial Public offering (IPO) in January 2022.

Nonetheless, OML remains hopeful, stating that marketing campaigns initiated to boost sales have showed good results in terms of number of visitors at Odysseo.

“This also goes along with the lift of sanitary measures previously imposed by the authorities and the fact that schools can again visit Odysseo. Moreover, the increase in tourists’ arrival is encouraging and should impact positively on the revenue,” it said.

Promoters of the project are Eclosia group and Cleer Reef International – it required investments of Rs 585 million.

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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.