opening global markets to everyone

30th April 2018


  • Revenue increased by 3.3% despite the closure of Sainte Anne as from September 2017.
  • Revenue: Mauritius (+7.5%), Morocco (+2.4%), Others (-27.8%).
  • EBITDA rose by 8.91% as average room rate increased because of a stronger Euro and GBP.
  • Finance costs dropped by 10.3%.
  • Occupancy decreased by 0.6% and TRevPAR gained 9%.
  • Marginal gain of 0.8% in net cash flows generated from operating activities.
  • Net cash flows generated from financing activities increased by 100.8%.
  • Basic EPS decreased by 5.76%.
  • Operating profit increased by 18.0% while net profit dropped 2.7% due to a lower other income resulting from decreased gains on treasury management, an unrealized exchange loss of Rs 36M on translation of euro loans and an increased income tax charge.
  • Domaine Palm Marrakech recorded increased losses, given lower revenues with few unsold villas remaining in phase 1. Management is actively working on the launch of phase 2. The three beachcomber tours, as well as Mautourco, recorded improved results.


  • Les Salines project is due to start during the last quarter of year.
  • Management working with collaboration of Black River stakeholders to help implementing of social and environmental initiatives to benefit all.
  • Residential development is in progress and sales are bound to begin the next financial year.
  • Tender for construction works at Sainte Anne Resorts in Seychelles will soon be issued.
  • Group focuses on revenue management while speeding up hotel renovations projects.


Earning News: SUN Limited

  •  Revenue increased by 7.0% primarily driven by a rise of 23% in ADR.
  •  Revenue: Mauritius (+2.7%), Maldives (+65.3%), Others (+14.6%).
  •  Significant increase of 33.5% in EBITDA due to improved yields and the implementation of cost optimization measures.
  •  Operating profit increased by 48.0% and net profit gained 107% buoyed by increased occupancy rates in Kanuhura in the Maldives.
  •  RevPAR grew by 15% while TRevPAR rose by 10% despite the inclement weather conditions prevailing in Mauritius over the first four months of 2018 and the political instability in the Maldives, following the state of emergency declared in February.
  • Occupancy decreased by 5% because of the rate strategy in place and increased competition from a strong skiing season in Europe.
  • Finance costs dropped by 19% mainly attributed to a reduction in borrowings following recent rights issue and private placement proceeds.
  • Basic EPS rose by 57.3% from Rs 0.96 to reach Rs 1.51.

·        OUTLOOK:

  • Difficult forthcoming quarter as industry enters the low season cycle.
  • Slight growth in revenues expected if bookings trend continues.

Earning News: LUX* Resorts & Hotels

  • Total revenue increased by 10.3% aided by a rise in tourist arrivals, especially in the European and Mauritian markets.
  • Revenue: Mauritius (+0.2%), Maldives (+24.4%), Reunion (+37.3%).
  • Operating profit dropped by 2.0% and net profit fell by 6.2%, due to the poor performance of LUX* Grand Gaube which is currently undergoing renovation, resulting in a significantly reduced inventory.
  • Basic EPS declined by 6.5% from Rs 1.86 to settle at Rs 1.74.
  • NAV decreased by 4.9% to stand at Rs 45.31.
  • Net cash flow generated from operating activities dropped by 10.6%.
  • Net cash flow generated from financing activities grew by 203.8%.



  • A hotel of 60 keys has been identified to launch new Brand by the end of 2018.
  • An increase tourist arrival rate is expected and hence conducive to promising performance of local hotels.
  • Bookings for local resorts are less as compared to Q4 last year. However, with the appreciation of the GBP and the Euro vis a vis the rupee, the Group aims at achieving close to the full year profit reported last year.


Market Performance
Independent Research - Mauritius Market
Our clients investing on the Mauritius market can rely on our in-house research and investment ideas in constructing their portfolios.
Member: Stock Exchange of Mauritius

© 2015: LCF Securities Ltd
Newsletter Subscription
Important Notes:
All investments involve risks, including the loss of principal invested. Past performance of a security does not guarantee future results or success. Market volatility, volume and system availability may delay trade executions. Investing is not for everyone, if unsure it is recommended that independent expert advice from a licensed broker or investment advisor be sought. LCF Securities Ltd. is not responsible for the products, services and policies of any third parties.