Alteo revenues soars by 310% to hit Rs2.9 billion

Alteo has registered revenue growth of Rs 706 million to reach Rs 2.9 billion, representing an increase of over 310%, for the half year ending December 2022.

This was attributed to higher price of sugar, albeit curtailed by a reduced tonnage of cane harvested and crushed.

Income from the property cluster also saw significant growth with recovering resort and golf operations as well as part of the Mont Piton 2 residential programme sales being recorded in the current financial year.

Revenue from energy operations was also up due to the higher price of coal.

Normalised EBITDA fell by Rs27 million to reach Rs 672 million on account of ongoing inflationary pressures on operational costs, especially inputs and freight.

Corresponding profit however grew by Rs13 million to Rs 475 million, driven largely by the flow-through impact of higher property sales and reduced finance costs following a material debt repayment and restructuring. 

Source: Stock Exchange of Mauritius