Mauritius’ ENL Commercial narrows loss to Rs 7.65 mn for quarter to Sept 2014
Revenue for the quarter ended September 2014 also grew by 32.2% to Rs 626.44 million compared to last year’s revenue for the same quarter, which stood at Rs 473.84 million, largely spurred by higher sales of vehicles by Axess. (Image: ENL)
Mauritian conglomerate ENL’s commerce and manufacturing division, ENL Commercial, reported a loss of Rs 7.65 million for the quarter ended September 2014, reducing losses by 35.6% compared to the year-ago period when it was in the red by Rs 11.88 million.
The company also improved its performance at an operating level, with operating profits amounting to Rs 1.1 million against a loss of Rs 3.5 million last year. Besides, associated companies performed to expectation and contributed positively to the quarter’s results.
Revenue for the quarter ended September 2014 also grew by 32.2% to Rs 626.44 million compared to last year’s revenue for the same quarter, which stood at Rs 473.84 million, largely spurred by higher sales of vehicles by Axess.
The company’s segmental revenue in the automotive division amounted to Rs 455.01 million, trading and services at Rs 67.97 million, and industry and manufacturing with Rs 103.45 million.
The automotive sector suffered a higher loss after tax of Rs 2.82 million for the quarter ended September 30, 2014 compared to Rs 1.90 million for the corresponding quarter last year, with the board noting that automotive division Axess realised lower margins. It may be noted that Axess is one of the main dealers in new motor vehicles on the island, covering diverse brands such as Jaguar/Land Rover, Ford, Mazda, Suzuki and Citroen.
Trading and services posted a loss after tax of Rs 1.08 million, up from Rs 186,000 last year, as sluggish market conditions continued to prevail in the construction and hospitality industries, duly noted by the board.
Finally, the industry and manufacturing sector recorded a lower loss after tax of Rs 3.75 million compared to Rs 10.21 million for last year’s corresponding quarter, with significant improvements in efficiency resulting in reduced losses at Plastinax, which is a manufacturer of fashionable eyewear for exports, mainly to Europe and the United States.
“The Group has embarked on its 2015-2017 strategic plan with special emphasis on measures to enhance its operational efficiency. These measures, together with the visibility for the coming quarters allow us to be reasonably optimistic that profits for the full year should be higher than those of last year,” the board concluded.
ENL Commercial was started by ENL group in 1969, to lead ENL’s forays into commerce and manufacturing.
Over the years, the company has grown into a choice supplier of specialised goods and services to hotels and restaurants as well as to the building, renovation and refurbishing sector. ENL Commercial is also one of the island’s leading automobile dealers, managing a portfolio of valued brands that cater to most market segments.
One of the island’s very first export-oriented companies, Plastinax, is also an ENL Commercial subsidiary. It uses state-of-the-art technology to manufacture fashionable eyewear for reputed international brands in Europe and the United States. It recently developed the Helios brand of eyewear for the local market.