Mauritius Chemical & Fertilizer Industry Ltd (MCFI.mu) Q12019 Interim Report

We have extracted below the Company Secretary Statement from the 2019 first quarter interim report of Mauritius Chemical & Fertilizer Industry Ltd (MCFI.mu), listed on the Mauritius Stock Exchange:

Performance

Fertiliser sales on the local market for the first quarter represented approximately 20% of the expected annual turnover, which is in line with yearly seasonal trend for this business.

The Group registered a marked decrease in revenue versus last year to reach Rs 160 million. This is mainly attributed to the Fertiliser segment as a result of lower sales in our subsidiary in Zambia.

The Group’s performance was also negatively impacted by impairments on receivables and exchange losses. Consequently, MCFI Group posted a loss of Rs 34.4 million for the period, compared with a loss of Rs 8.6 million for the same period in 2018.

Earnings per Share declined from a loss per share of Re 0.39 to a loss per share of Rs 1.56, while Net Assets per Share decreased from Rs 34.21 to Rs 32.63.

Outlook

MCFI is completing the purchase of its sister companies Bychemex and Chemco, which will contribute to reduce its dependency on the local sugarcane industry, while bringing more efficiency in its operations. Copies of the report and the directors’ and senior officers’ interests are available free of charge from HM Secretaries Ltd, 18 Edith Cavell Street, Port Louis.

By order of the Board
HM Secretaries Ltd
Company Secretary