LUX* sees revenues up 10% to Rs 2.2 bn for half year; profits up 19% to Rs 151 mn
The LUX* group released a communique on the SEM, countering allegations in various press reports that link Naiade Resorts Maldives Ltd, now Lux Island Resort Maldives Ltd, to the offshore leaks affair, basis the presence of a subsidiary registered in the British Virgin Islands (BVI). (Image: Company)
Mauritius hospitality major LUX* Resorts & Hotels, which continues its international expansion, has registered a group turnover of Rs 2.2 billion for the six months ending December 31, 2014, a rise of 10% over the year-ago period even as profits rose 19% to Rs 151.14 million over the same period.
From a segmental perspective, Mauritius contributed largely to the Rs 2.2 billion with Rs 1.0 billion compared to Rs 977. 5 million last year.
Maldives, on the other hand, followed Mauritius with Rs 741.5 million whereas last year at the same period it was Rs 629.5 million. Finally, Reunion Island contributed only Rs 421.2 million which is only a marginal increase of Rs 257, 000 compared to December last year.
For the six months ended December 31, 2014, tourist arrivals to Mauritius came to 549,522 which is an increase of 5% over last year, whilst in Maldives the number of tourists grew by 3% to reach 603,279.
Moreover, for the six months ending on the December 31, 2014, the occupancy rate for LUX* Hotels & Resorts in Mauritius, Reunion island and Maldives increased by 6%, the Average Daily Rate (ADR) by 6% and Rev Par by 15% compared to 2013.
Furthermore, on a group level, the group has recently signed its second hotel management and technical services agreement for the operation of a five star luxury resort on the Dianshan Lake, located close to Shanghai in China.
This resort will comprise 60 rooms and the opening date is expected by end of 2016.
Regarding its expansion in China, the group announced that the second property which will be operated under the banner of the LUX* Tea Horse Road is under construction in Benzilan, located on the Yangtze River in the Yunnan Province, where this property of 30 keys should open in the last quarter of 2015.
LUX* Resorts & Hotels has also entered into an exclusive management and advisory agreement with Sanghvi Hospitality Ltd, a company incorporated in India, for the purpose of managing and operating five star hotels in India and Sri Lanka and any other country in the region to be agreed upon between both parties.
According to Paul Jones Chief Executive Officer of LUX* Resorts & Hotels “These new managements contracts are the result of our international expansion strategy.”
“In addition, India and particularly Sri Lanka are two growing destinations and the partnership with Sanghvi group will facilitate the entry of LUX* brand in these two popular destinations. Furthermore, we are expecting the completion of LUX* Al Zorah, comprising 200 keys, which is currently under construction in the UAE for the last quarter of 2016,” he further said.
In terms of key financial indicators, the Board of Directors underlines that despite the ongoing challenges in some markets coupled with the weak Euro, LUX* Resorts & Hotels have delivered good results for the quarter under review with turnover and EBITDA improving by 10% and 4% respectively.
“I would like to congratulate all members of my team and thank them for their continued passion, hard work and great team spirit,” Paul Jones said.
The group also welcomes the recent introduction of the Air Mauritius direct service to Chengdu, in the Sichuan Province of China.
“Chengdu and the nearby Chongqing are two huge landlocked tier 1 cities in the PRC famous for their passion for travelling, I am confident that this region of the PRC holds massive potential for providing meaningful growth to our tourist arrivals in Mauritius “ concluded Paul Jones.
Finally, the LUX* group released a communique on the stock exchange of Mauritius, noting that various press reports have come out recently, linking Naiade Resorts Maldives Ltd, now Lux Island Resort Maldives Ltd, to the offshore leaks affair, basis the presence of a subsidiary registered in the British Virgin Islands (BVI).
The company wishes to bring to the attention of all stakeholders that it was registered in the BVI in 2005 and is a subsidiary of Lux Island Resort Ltd. It was set up to acquire a hotel resort in Maldives and still owns and operates that resort under the name LUX* Maldives.
In 2008, the directors of the company were late Robert Ahnee, Désiré Elliah, Philippe Forget, Patrice Hardy and Arnaud Lagesse. All information and statutory disclosures about the Company have always been disclosed in its annual report as well as in the accounts of Lux Island Resorts Ltd as required by law.
The company has a legitimate business purpose and conducts its operations in accordance with all applicable laws and the relevant authorities in Mauritius.
The communique ended on the note that Lux* wishes to stress that it reserves its right to take whatever actions it deems appropriate, including contempt proceedings to protect the integrity of the company and its directors.