Mauritius’ realty firm Caudan Development sees 87.1% dip in profits for Sept quarter
On the positive side, the improved performance in the security segment has helped shore up the revenues and profits of Caudan Development Ltd, which have taken a beating from the adverse performance of the flagship property segment. (Image: Caudan)
Mauritius realty major Caudan Development Limited saw its group profit after tax dip by 87.1% to Rs 1.10 million for the 3 months to September 2014, even as group revenue declined slightly by 1.3% to reach Rs 113.23 million for the same period.
For the 3 months ended September 2014, the group saw its profit declining from Rs 8.58 million to hit a lowly Rs 1.10 million, while the standalone company profit also witnessed a decline of 86.0%, falling from a level of Rs 6.24 million to bottom out at Rs 873,000.
On a segmental basis, the property division brought Rs 48.44 million in external sales and Rs 1.20 million in intersegmental sales, resulting in total revenues of Rs 49.64 million for the period, against Rs 54.66 million for the year-ago period, translates into a decline of 9.2%.
On the positive side, the improved performance in the security segment has helped shore up the revenues and profits of Caudan Development Ltd, which have taken a beating from the adverse performance of the flagship property segment.
The security segment saw its external sales increased from Rs 61.25 to Rs 64.79 million as well as intersegmental sales grow by 10.2% to Rs 4.25 million, resulting in total revenues of Rs 69.04 million.
It may be noted that in the annual report for 2013, Jean-Pierre Montocchio, Chairman at Caudan Development Limited, had declared that Caudan Development Ltd would work together with retailers to improve rental incomes and explore profitable avenues, over a long-term horizon.
Besides, over the short and medium term, Caudan Development Ltd also intends to attract more consumers by expanding its range of goods and services, as well as by upgrading cinemas in the shopping complex.
About Caudan Development Limited:
Incorporated as a public company on February 17, 1989, Caudan Development Ltd specialises in the ownership, promotion and development of its flagship property at Port Louis, the Le Caudan Waterfront.
Apart from this mixed commercial waterfront project, the company also rents out industrial buildings at Pailles and Riche Terre.
Caudan Development, via Caudan Security Services, operates in the security business, and is involved in the sale of alarm equipment and the provision of numerous security and property protection services.
The company is managed by Promotion and Development (PAD), an associate of the Mauritius Commercial Bank (MCB) which has an extensive experience in property and investment.
Source: Company Website