New Mauritius Hotels Limited Reports Q1 Loss of Rs 141m due to Renovations and Temporary Closures, Forecasts EBITDA of over Rs 4bn for the Year

Published On: November 14, 2023Company: New Mauritius Hotels Limited (NMHL.mu)
What were the key factors that impacted the Group's financial performance in the first quarter of the financial year, and what is their outlook for the future?
The Group's financial performance in Q1 2024 was significantly impacted by having over 20% of its room inventory unavailable for sale due to renovations and temporary closures. The Group reported a loss of Rs 141m for this period. Despite these challenges, the Group anticipates the bookings for the next six months in their Mauritian hotels to exceed last year's figures and expects to achieve an EBITDA of over Rs 4bn for the full year. However, their Morocco operations might continue to be negatively impacted by the conflict in the Middle East.

Summary

  • The Group recorded a turnover of Rs 2.7bn in Q1 2024, marginally higher than the same period last year.
  • Over 20% of the group’s room inventory was not available for sale in this period.
  • Normalised EBITDA reached Rs 505m, almost matching the previous year’s figures.
  • The Group had to bear closure costs of Rs 144m.
  • The Group reported a loss of Rs 141m for Q1 2024, compared to a profit of Rs 11m in Q1 2023.
  • In Q1 2024, the Paradis Beachcomber was temporarily closed and around 200 rooms at Shandrani Beachcomber and Canonnier Beachcomber were unavailable due to renovations.
  • The group’s resort in Marrakech was closed for two weeks for repairs after an earthquake.
  • The insurance proceeds, expected to cover these repair costs and a portion of consequential losses, will be recognised on receipt later in the year.
  • The group’s Mauritius hotel bookings for the next six months are ahead of the previous year, with all rooms now back in inventory.
  • The operations in Morocco are being affected negatively due to conflict in the Middle East.
  • Second quarter results are anticipated to match last year’s figures.
  • The Group forecasts an EBITDA of over Rs 4bn for the entire year.

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About New Mauritius Hotels Limited (NMHL.mu)

New Mauritius Hotels Limited is a publicly traded company listed on the Stock Exchange of Mauritius. As a leading player in the hospitality industry, we offer investors an opportunity to invest in the growing tourism sector in Mauritius. Our diverse portfolio includes luxury resorts, budget-friendly hotels, and villas, located in prime locations throughout the island. Our commitment to excellence in service and guest experience has established a strong reputation as a reliable and reputable company. With a dedicated management team and solid financial performance, we are confident in our ability to deliver strong returns for shareholders. Invest in us and be a part of the growth story of the Mauritian hospitality industry. Furthermore, our resorts feature world-class spa facilities, swimming pools, and water sports activities, making them a perfect choice for a relaxing and rejuvenating vacation. We cater to the diverse needs of our guests by offering a range of accommodation options. In conclusion, New Mauritius Hotels Limited is a solid investment opportunity in the Mauritian hospitality industry. Our properties are located in prime locations, offer diverse accommodation options, and have a team dedicated to providing exceptional service and guest experiences. Invest in us for a chance to be a part of the growth story of the Mauritian tourism sector.

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