New Mauritius Hotels Limited, a Mauritius hotels and resorts operator led by Mauritian multimillionaire businessman Hector Espitalier-Noel, reported a profit of MUR548 million ($12.5 million) in Q2 of its 2022 fiscal year, reversing losses reported in the same period in 2021.
Since the establishment of its flagship resort, Park Hotel, in 1952, New Mauritius Hotels has been the pioneer and leader of the Mauritian tourism industry. Under the leadership of Espitalier-Noel, the portfolio has grown to a collection of nine resorts over the years.
Its resort portfolio also includes the legendary Royal Palm Beachcomber Luxury Mauritius, which opened in 1985 and is now regarded as a benchmark property for luxury vacations in Mauritius.
In comparison to the previous year, the hotel operator was able to deliver a profit of MUR548 million ($12.5 million) in Q2 2022, which ended on Dec. 31, up from a loss of MUR621.5 million ($14.2 million) at the end of its 2021 fiscal year’s second quarter.
The increase in earnings can be attributed to an increase in revenue as a result of a recent expansion of its operations in Mauritius, Morocco and Seychelles.
Despite the emergence of the Omicron variant in November 2021, which resulted in the suspension of flights from South Africa and travel restrictions imposed by France, the group’s total revenue for the quarter was MUR2.6 billion ($59.2 million), up from MUR375.9 million ($8.6 million) the previous year.
However, the increase in revenue was aided by strong performance across all of the group’s operating segments, as the group’s operations benefited from the recent reopening of Mauritius’ borders in October 2021, as well as the gradual reopening of business in Morocco and Seychelles.
The value of assets linked to New Mauritius Hotels increased from MUR38.2 billion ($869.2 million) to MUR39 billion ($890 million) as a result of the strong performance.
During the period under review, the wealth attributable to shareholders increased from MUR6.1 billion ($139.1 million) to MUR6.7 billion ($152.8 million).
