Mauritius: Bluelife earning report disappoints; new CEO takes charge
Mauritius realty player Bluelife Ltd’s earning report disappoints with losses of Rs 550.4 million registered on revenues of Rs 1.5 billion but the upcoming financial restructuring is expected to bolster the capital of the entity through main shareholders contribution. (Image: blog.azuri.mu)
Mauritian property developer Bluelife Ltd has confirmed the appointment of new Chief Executive Officer, Christine Marot, who has been acting as the CEO of Bluelife since the departure of the erstwhile CEO in November 2014.
A communiqué from Bluelife states “The Board is confident that Mrs. Marot will provide the company with the leadership to successfully manage the various projects currently underway across the company’s group as Mrs. Marot is backed by strong technical, operations and marketing teams within the company and a fully committed board.”
The company also recently published its financial statement for the year 2014, posting Rs 1.5 billion in revenues. However, the revenue was overshadowed by losses of Rs 550.4 million, mainly traced to two hotels and underperformance by rental residences under guarantee.
The group’s total assets stood at Rs 5.93 billion and its net asset value per share stood at Rs 7.74 at December 31st, 2014.
A financial restructuring with the support of financial institutions and main shareholders is underway in order to cover the cost overruns and operational losses, as well as to provide sufficient capital to support the ongoing developments at the company, in line with its master plan.
Accordingly, Bluelife’s communiqué indicated that additional capital will be injected by two main shareholders namely GML Ineo Ltée and Actis Paradise Jersey Limited, alongside the provision of additional banking facilities.
Bluelife will be completing its second residential development for local buyers by first quarter 2016 with 114 units under construction and has recently launched sales for 34 villas, named ‘The Ocean River Villas’, under the IRS scheme.
The company’s subsidiary, Haute Rive Azuri Hotel Ltd, anticipates the imminent signing of a new management contract with a renowned international hotel operator, which will take over the management of the hotel resort currently branded as the Haute Rive Resort & Spa.
The property development market is growing in Mauritius with many companies going into this promising but overcrowded segment, where some have already established their position and built their reputation. Others are trying new ways to increase their presence by penetrating into different markets.
The latest such firm is New Frontiers Properties Ltd, a Mauritius based real estate special investment vehicle listed on the Stock Exchange of Mauritius as well as South Africa’s JSE, which has made its debut in the UK retail market.
In this context, it may be noted that New Frontiers Properties Ltd has purchased two shopping malls centres in Middlesbrough and Birton-on-Trent and aims to become a major UK shopping investor.