Mauritian luxury hotel operator LUX Island Resorts Limited has posted a loss of MUR221.22 million ($5.1 million) at the end of its 2021 financial year, which ended in June 2021.
Evaco Group was founded by Mauritian businessman Arnaud Mayer in 2001 as a real estate development company. Since then, it has evolved into an investment holding and a leader in high-end real estate development in Mauritius.
The group maintains active operations in various sectors of the economy through its subsidiaries and brands such as Evaco Creations, Evaco Property, Evaco Escapes and Evaco Solutions.
A statement issued by the Mauritius-based holding revealed that the group’s revenue slumped by 45.6 percent from MUR797.9 million ($18.27 million) in 2020 to MUR434.24 million ($4.71 million) in 2021 as a result of the COVID-19 pandemic’s impact on its operating environment.
The double-digit slump in revenue caused its losses to deepen from MUR55.54 million ($1.27 million) in 2020 to MUR221.22 million ($5.1 million) in 2021, even though the group sold 175 units worth MUR3.6 billion ($82.6 million) in its Cap Marina project during the year.
As a result of the losses, the retained earnings in its balance sheet fell from MUR458.5 million at the end of its 2020 financial period to MUR263.47 million, while the wealth attributable to shareholders dropped from MUR646.7 million ($14.8 million) to MUR467 million ($10.7 million).
Despite the weak performance, the company’s assets rose from MUR1.96 billion ($45 million) to MUR2.09 billion ($48 million).
Mayer the founder and executive chairman of Evaco Group. In a statement, he disclosed that the group is on course to overcome the challenges in its operating environment, as the management deploys strategies that will see it overachieve its targets in the forthcoming year.
