• CIEL Limited reports results for the first nine months 2015-2016

    16 May 2016

    During the nine-month period ended 31 March 2016, CIEL’s consolidated revenue rose to MUR 14.1bn. The 15% increase compared to the prior year is a combination of organic and/or external growth in our sectors of activities. Earnings before Interests, Taxation, Depreciation and Amortisation (EBITDA) increased by a 4% year-on-year for the period under review.

    Group Profit before non-recurring items and tax is down 10% to MUR 1.297m. CIEL’s Textile, Finance and Healthcare clusters continued to perform satisfactorily whilst the Hotels & Resorts and Agro & Property clusters posted reduced profitability. Sun Limited has been affected by the current re-organisation and hotel refurbishment program while the Agro & Property cluster has been primarily impacted by Alteo’s Mauritian sugar operations and delayed property sales.

    Non-recurring closure and rebranding costs at Sun Ltd continued to weigh on CIEL’s profitability. As a result, Group Profit after Tax stood at MUR 703.2m (2015 – MUR 1.21bn) while Group Profit Attributable to ordinary shareholders was at MUR 259.9 m (2015 – MUR 622.3m) for the nine month period under review.

    In the short term, non-recurring items will continue to impact CIEL’s profitability. Looking ahead, recent international investments in Textile, Agro, Healthcare and Finance clusters should bring positive contributions to the Group’s profitability. Our subsidiary, Sun Limited is entering its final restructuring phase and should show improved results as from the next financial year.