Led by Mauritian Lagesse family, LUX Island Resorts posts $9.7 million in profits in Q2 2022

LUX Island Resorts Limited, a Mauritian luxury hotel operator and resort owner, reported a profit of MUR423.5 million ($9.7 million) in the second half of its 2022 fiscal year, owing to the gradual reopening of business, tourist and hospitality centers. This resulted in higher occupancy for hotels in its operating environment.

Lux Resorts is a leading luxury hotel operator with properties and operations in Mauritius, the Maldives, China, France and Vietnam. It operates as an affiliate of Ireland Blyth Limited, a diversified Mauritius-based conglomerate led by Group CEO Arnaud Lagesse.

The Lagesse family, represented by Thierry and Pascale Lagesse, has an indirect stake in the company through its IBL Group’s ultimate holdings of a 56.5-percent stake in the hotel operator.

In comparison to the previous year’s figures, the hotel operator was able to turn a profit of MUR423.5 million ($9.7 million) in Q2 2022, which ended on Dec. 31, from a loss of MUR323.35 million ($7.51 million) at the end of the first quarter of its 2022 fiscal year.

The group’s total revenue for the quarter was MUR1.9 billion ($3.6 million), up from MUR750 million ($17.2 million) the previous year.

Aside from the management’s cost-cutting strategies, the recent surge in LUX Island’s profit was driven by the full reopening of borders in Mauritius, Maldives and Reunion Island, which triggered an increase in revenue and was also a success, with arrivals to destination reaching 120,000 in October and November 2021.

According to the company’s quarterly filing, hotels in Mauritius that were fully operational during the quarter achieved an occupancy rate of 65 percent and a turnover of MUR1 billion ($22.9 million), more than a fourfold increase from the same quarter last year and a 13-percent decrease from 2019.

Meanwhile, its hotel operations in the Maldives and Reunion Island achieved 79 percent occupancy rates and revenues of MUR557.9 million ($12.8 million) and MUR283.7 million ($6.5 million), respectively, driven by the recent influx of tourists.

The company’s assets increased from MUR15.5 billion ($356.1 million) to N17.5 billion ($402 million) in Q2 2022, while its shareholders’ funds rose from MUR5 billion ($114.9 million) to MUR5.3 billion ($121.8 million).