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AfricaMoney | August 20, 2017

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Mauritius’ Harel Mallac group sees revenues up 6.06% in first nine months

Mauritius’ Harel Mallac group sees revenues up 6.06% in first nine months

The management noted that the group’s investments in Africa are facing the inherent challenges associated with doing business on this continent, but also noted that an improvement for most of its international operations has also been registered during this third quarter. (Image: Company)

Mauritian conglomerate Harel Mallac saw a 6.06% rise in group revenues to hit Rs 2.97 billion for the nine month period ending 30 September 2014, over the corresponding period in 2013.

The company posted profit before tax of Rs 45.52 million for the nine month-period ending 30 September 2014, against a loss after tax of Rs 19.30 million in the corresponding period in 2013.

Harel Mallac’s profit after tax also showed considerable improvement to Rs 40.32 million for the nine month period ending 30 September 2014, against a loss of Rs 30.20 million in the corresponding period of 2013.

For the three months ending 30 September 2014, the company achieved revenues of Rs 1.13 billion compared to the corresponding period in 2013 when revenues stood at Rs 1.05 billion, representing an increase of 7.97%.

Harel Mallac also showed substantial improvement in its profit before tax for the quarter ended 30 September 2014, to reach Rs 115.41 million from Rs 5.92 million in the year-ago period.

Finally, Harel Mallac showed appreciable increase in profit after tax for the quarter ended 30 September 2014, notching up a PAT of Rs 110.88 million against a loss of Rs 3.30 million in the corresponding period of 2013.

The annual statement indicated that the encouraging results of the group’s overall activities have mitigated, at least to a certain extent, the negative financial performance of Compagnie des Magasins Populaires Limitée (CMPL), with its two new Monoprix sales outlets still in the start-up phase.

Furthermore, the organisational structure has been reinforced and marketing strategies are being implemented to best serve the identified markets, with these measures expected to show results in due course.

The management noted that the group’s investments in Africa are facing the inherent challenges associated with doing business on this continent.

“However, an improvement for most of our international operations has also been registered during this third quarter. Regarding the Group’s investments and in line with our overall strategy to concentrate on selected industries, Harel Mallac released its shares in Mauvilac Industries Ltd,” the management pointed out.

Besides, Harel Mallac’s recent investments in the hospitality industry are already yielding positive and rewarding results.

“We expect the fourth quarter to maintain its course on the positive trend noted during the third quarter,” the management concluded.

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