BMH Ltd Reports Decrease in Investment of MUR2.74 Million: Analyzing Accounting Standards and Group Results
- What caused the decrease in total investment in financial assets at the end of June 2023?
- The decrease in total investment in financial assets as of 30 June 2023 compared to December 2022 was attributed to the decrease in share price of some investee companies on the main market.
Accounting Standards
The accounting policies and standards used in the preparation of the abridged unaudited financial statements were consistent with those of the audited financial statements for the year ended 31 December 2022.
Group Results
- Subsidiary Constance Hotels Services Limited (CHSL) delivered good performance in the first semester of 2023, with revenue totalling MUR 2,969 million compared to MUR 2,495 million last year.
- The improved financial performance generated higher EBITDA and operating profit of MUR 969 million (June 2022: MUR 734 million) and MUR 629 million (June 2022: MUR 419 million) respectively.
- Finance costs however remained higher than June 2022 due to significant interest rate hikes during the last semester of 2022.
- Share of profit from associates amounted to MUR 94 million (June 2022: MUR 71 million).
- After accounting for taxation of MUR 43 million (June 2022: MUR 21 million), profit for the period amounted to MUR 304 million (June 2022: MUR 179 million).
Investments
- BMH Ltd owned the entire stake in Afrasia, but reclassified it under Financial assets at fair value through other comprehensive income.
- Total investment in financial assets as of 30 June 2023 totalled MUR 2,735 million, compared to MUR 3,009 million for December 2022 due to the decrease in share price of some investee companies.
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About BMH Ltd (BMHL.mu)
BMH Ltd (formerly Belle Marre Holdings Limited) is a Mauritian investment company that engages in the commercial and property sectors. The company invests in ventures such as hotels and leisure, banks and insurance firms, as well as agriculture and exports. BMH is headquartered in Port Louis, Mauritius. Belle Mare Holding Limited is listed on the Stock Exchange of Mauritius.
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