Beachcomber reports Rs2.7bn turnover, but loss-making

The New Mauritius Hotels (Beachcomber) Group reported a commendable turnover of Rs 2.7bn during the first quarter of the financial year, showing a slight increase compared to the same period last year.

This is despite over 20% of its room inventory being unavailable for sale due to various reasons.

Normalised EBITDA stood at Rs 505m, nearly matching last year’s figures when excluding closure costs.

However, the Group incurred a loss of Rs 141m for the quarter, in contrast to a profit of Rs 11m in Q1FY23.

The temporary closure of Paradis Beachcomber, along with renovation work at Shandrani Beachcomber and Canonnier Beachcomber, resulted in around 200 rooms being unavailable for bookings.

Additionally, the Marrakech resort was closed for two weeks in September due to repair work after an earthquake.

The Group expects insurance proceeds to cover the costs of these repairs and some consequential losses, but their recognition in the financial statements will only occur later in the year.

Looking ahead, bookings for the next six months in the Group’s Mauritian hotels are surpassing last year’s figures, with all rooms now available for sale.

However, the conflict in the Middle East is negatively impacting the Group’s operations in Morocco.

Results for the second quarter are expected to be in line with last year. The Group has a positive outlook and anticipates an EBITDA of over Rs 4bn for the full year.

Source: Stock Exchange of Mauritius