We have extracted the financial summary from the third quarter interim report of CIEL Limited listed on the Stock Exchange of Mauritius under the share code CIEL.mu. CIEL is an investment company operating in agriculture and property, financial services, hotels and resorts, textiles, and healthcare businesses.
The following is an excerpt from the Q32019 Interim Report:
Nine months results
CTL posted an improvement of 15% in turnover and a significant rise of 64% in profit after tax.
The Woven segment has posted a 60% increase in revenue year- on-year as its operations in India and the Region have considerably progressed over the nine months ended 31 March 2019 compared to the corresponding period in prior year.
Better sales margins and volumes coupled with production efficiencies have contributed to the good results of the segment.
The Knitwear operations showed improvement over prior year owing to enhanced controls and manufacturing processes implemented at the Mauritius-based wool yarn producer, FSM,and lower losses posted by the Floreal Knitwear’s automated plant at Antsirabe.
The performance of the Knits’ factory in India is slowly gaining momentum but remains loss-making as production remains below optimal level.
CTL expects a positive forthcoming quarter and should achieve increased sales and growth in profitability despite the difficult prevailing market conditions.