Led by Mauritian Lagesse family, LUX Island Resorts suffers $7.51-million loss in Q1 2022

Mauritian luxury hotel operator LUX Island Resorts Limited has posted a loss of MUR323.35 million ($7.51 million) at the end of the first quarter of its 2022 financial year (Q1 2022), which ended in June 2021.

During the quarter, the group’s revenue surged by 107 percent from MUR329.8 million ($7.62 million) in Q1 2021 to MUR681.45 million ($15.77 million) in Q1 2022, as Mauritius reopened its borders to international travellers in phases.

Despite the triple-digit expansion in revenue, the company’s earnings power was significantly pressured by losses amounting to MUR323.35 million ($7.51 million), 11.4-percent less than the losses of MUR364.9 million ($8.47 million) reported in the corresponding quarter of last year.

LUX Island Resorts is a leading luxury hotel operator and resort owner with active operations and properties in Mauritius, Maldives, China, France and Vietnam.

The Mauritius-based group is an affiliate member of Ireland Blyth Limited (IBL), a Mauritius-based diversified conglomerate led by Group CEO Arnaud Lagesse. It is major economic player in the Indian Ocean that operates as the ultimate holding company of LUX Island Resorts.

Represented by Thierry and Pascale Lagesse, the Lagesse family holds a beneficial indirect stake in the Mauritian luxury hotel operator through IBL’s 56.5-percent stake.

Despite the $7.5-million loss that the group posted in Q1 2022, the value of its assets grew from MUR15.46 billion ($355.6 million) in Q1 2021 to MUR16.7 billion ($384.1 million) in Q1 2022, while its net assets per share declined from MUR43.29 ($0.9954) to MUR34.92 ($0.8024) as a result of a faster growth in liabilities.

As a result, the reduction in net assets value caused shareholder interest to decline from MUR5.2 billion ($119.1 million) to MUR4.8 billion ($110.2 million).