Mauritius Housing Company sees operating profits plunge in 6 months to June 2014
The housing loans major saw its net interest income dip by 1.96% to Rs 152.44 million for the half year to June 30, 2014, compared to Rs 155.5 million for the corresponding period a year ago. (Image: Sizzling Properties)
Mauritius Housing Company Ltd (MHC) has seen operating profits plunge for the six month period ending June 30, 2014 by 26.77% to Rs 86.6 million for the actual period, compared to Rs 118.1 million for the year ago period.
Besides, the housing loans major saw its net interest income dip by 1.96% to Rs 152.44 million for the half year to June 30, 2014, compared to Rs 155.5 million for the corresponding period a year ago.
Finally, on the income statement for the six months ended 30 June 2014, a slight increase was registered in fee and commission income to Rs 13.32 million when compared to Rs 11.09 million for the six months ended 30 June 2013.
On the balance sheet side, an increase in loans to customers was seen by 2.39% to Rs 5.5 billion as at 30 June 2014 compared to 31 December, 2013 when loans to customer were set at Rs 5.4 billion.
Borrowing, on the other hand, stood 10.44% lower at Rs 1.06 billion as at 30 June 2014, against Rs 1.2 billion as at 31 December 2013.
An increase in housing deposits certificates (HDC) was also seen by 19.27% to be set at Rs 1.4 billion for the period ended 30 June, 2014 compared to Rs 1.2 billion as at 31 December 2013.
As at 30 June 2014, PEL & other savings accounts have also registered an increase of 2.37% to reach Rs 1.48 billion over the period ending December 31, 2013 when PEL & other savings accounts amounted to Rs 1.45 billion.
Mauritius Housing Company limited:
Mauritius Housing Company Ltd emanates from the former Mauritius Housing Corporation, a parastatal body set up in 1963.
The latter had taken over the housing loan business from the Mauritius Agricultural Bank which had been providing such loans since 1951.
The Mauritius Housing Company Ltd was incorporated in 1989, to be a total solution provider in respect of housing finance requirements and to better meet the challenges posed by the market.
Source: Company Website