We have extracted the financial summary from the half year report of Hotelest Limited listed on the Stock Exchange of Mauritius under the share code HTLS.mu. Hotelest Limited owns and operates hotels through its subsidiary Constance Hotels Services Limited.

The following is an excerpt from the 2018 Half Year Report:

Results
Group performance was better than last year with improved revenue of MUR 1,992.3 million (2017: MUR 1,836.7 million) and EBITDA of MUR 524.4 million (2017: MUR 434.3 million). Finance costs were MUR 167.5 million (2017: MUR 169.5 million), and, share of results of associates progressed to MUR 28.6 million (2017: MUR 20.7 million) due to the favourable operating performances of our Seychelles and Madagascar entities.

Profit for the period was MUR 115.3 million (2017: MUR 23.7 million) after accounting for taxation of MUR 8.7 million (2017: MUR 20.0 million).

Outlook

For the third quarter, Mauritius and Seychelles are expected to continue to achieve positive growth in tourist arrivals, which should help uphold favourable results for CHSL’s properties. The increase in tourist arrivals in the Maldives should also be maintained, however, the performance of CHSL’s properties could be subdued due to rate pressures and increasing hotel rooms supply. The performance for the rest of the year is on track on the basis of current bookings and outlook for CHSL’s key destinations.