Rogers & Co Ltd (ROGE.mu) HY2019 Interim Report

We have extracted an excerpt from the Q2 2012 report for Rogers & Co Ltd (ROGE.mu), listed on the Stock Exchange of Mauritius:

Group Performance

Group revenue for the quarter ended 31 December 2018 was Rs 2,793m (Q2 2018: Rs 2,861m) with enhanced performance of FinTech and Hospitality but offset by lower contribution from Logistics and Property Development sectors. PAT, excluding exceptional items, increased to Rs 416m (Q2 2018: Rs 403m) mainly driven by better results from the Hotels and Property Investment sectors.

Corporate Developments

Ascencia, together with its partners Atterbury and EnAtt, is developing the Beau Vallon Shopping Mall which will comprise 10,000 square metres and will be opened in November 2019.

Served Markets Highlights

FinTech

PAT for FinTech was Rs 27m (Q2 2018: Rs 46m). Financial Services sector was impacted by initial costs incurred to structure the development of the Consumer Finance business.

Hospitality

Hospitality recorded an improved PAT of Rs 323m (Q2 2018: Rs 314m). Despite the delay in the opening of Veranda Tamarin, VLH was the main contributor with healthy occupancy rates and higher Guest Night Spending. The Leisure sector was impacted by the pre-operational costs associated with the successful launch of Domino’s pizza in November 2018.

Logistics

PAT for Logistics was Rs 35m (Q2 2018: Rs 40m). The good performance of the port services was offset by the continued disruption in the transport operations in Kenya due to the railway line, and reduced business activities in France and Reunion.

Property

The Property served market recorded a higher PAT of Rs 78m (Q2 2018: Rs 61m). The results for Ascencia were positively impacted by the consolidation of So’Flo as a subsidiary. Property Development reported losses with difficult market conditions and lower sales by Les Villas de Bel Ombre.

Results for the six months to December 2018

Group revenue for the six months to December 2018 amounted to Rs 5,257m (Dec-17: Rs 4,887m) and PAT, excluding exceptional items, was Rs 513m (Dec-17: Rs 271m).

Outlook

In spite of a weakness expected in the forthcoming quarter in the Hospitality industry, the Group anticipates an improvement in PAT for the financial year ending 30 June 2019.