Lux* Hotels See Fluctuations in Occupancy Rate

During the last quarter, the hotel establishments of the Lux* group were in operation, unlike the same quarter last year when Lux* Belle Mare was closed for renovation following a fire. In Mauritius, the hotels had an occupancy rate of 78%, a three point decrease compared to the previous year, but their Average Daily Rate (ADR) increased by 14%.

This increase in ADR compensated for the occupancy rate decrease and improved the Revenue per Available Room (RevPAR) by 11%.

In the Maldives, Lux* South Ari Atoll had an occupancy rate of 91% for the quarter, a 7% increase compared to the previous year.

However, the ADR decreased by 13% and the RevPAR by 6%. In La Réunion, Lux* Saint Gilles had an occupancy rate of 73%, a five point decrease compared to the previous year, and an ADR increase of 2%. Consequently, its RevPAR decreased by 5%.

The total revenue of the group for the quarter increased by 20%, from Rs 2.4 billion to Rs 2.8 billion. The normalized EBITDA reached Rs 915 million, a 21% improvement.

The depreciation charges for the quarter increased from Rs 45 million to Rs 198 million due to Lux* Belle Mare’s reopening in October.

Overall, the Lux* group’s performance during the quarter was positive, with revenue and EBITDA showing significant improvement despite some fluctuations in occupancy rates and ADR. Lux* Belle Mare’s reopening also had a positive impact on the group’s financial results.

The last villa available for sale at Lux* Grand-Baie was sold with a profit of Rs 47 million, contributing to the financial balance sheet.

The attributable profit for the quarter amounted to Rs 528 million, compared to Rs 1 billion the previous year.

Last year’s revenue figure includes a Rs 729 million amount as compensation for Lux* Belle Mare for the material damages caused by the incident.

For the nine-month period ending on March 31, the group’s revenue increased by 21% to Rs 7.4 billion, and the normalized EBITDA for the same period grew by 26%, from Rs 1.7 billion to Rs 2.1 billion.

The profit attributable to shareholders over the nine months was the same as last year at Rs 1 billion. However, last year, compensation for the fire at Lux* Belle Mare amounted to Rs 323 million, after taking into account the depreciation of assets affected by the fire.

As of March 31, Lux* had a positive bank balance of Rs 1 billion. At the same date, the group’s net debt stood at Rs 3.3 billion, reflecting a debt ratio of 27%.

Commenting on this financial performance, Désiré Elliah, Chief Executive Officer of Lux*, stated: “Reservations for the next quarter are looking promising, although rising interest rates, inflation, as well as the war in Ukraine and the Middle East, remain sources of concern. (…)”

“We should, however, achieve good results for the financial year ending on June 30, 2024, especially if the reservation trend continues,” said Désiré Elliah, Chief Executive Officer of Lux*.

Additionally, tourist arrivals in Mauritius for March 2024 were not available at the time of preparing the accounts.

For January and February, arrivals reached 212,574, a 7% increase compared to the previous year. Arrivals from France, La Réunion, the United Kingdom, and Germany accounted for 55% of the total arrivals.

From July 2023 to February 2024, the number of tourists increased by 91,250, or 11%, to reach 911,518.

In the Maldives, tourist arrivals for the quarter saw a 15% increase compared to the same quarter last year, rising from 523,928 to 604,004.

The Chinese market was the top market, with 67,399 tourists, representing 11% of the total quarterly arrivals, followed closely by Russia and the United Kingdom.

For the nine months ending on March 31, the number of tourists staying in the Maldives reached 1,552,934, a 12% increase compared to the corresponding period in the previous financial year.

Source: Le Mauricien