Phoenix Beverages profit surges 142.3% to Rs 654.8 million for 9 months to March
It may be noted that part of the exceptional profits, to the tune of Rs 289.1 million, accrued from PBL’s sale of its entire interests in its associated company in Madagascar in December 2013. (Image: Global Village Directory)
Mauritius-based beverages major Phoenix saw group profits before tax rise 142.3% to Rs 654.8 million for the 9-month period to March 31, 2014, compared to Rs 270.22 million achieved in the corresponding period a year ago.
Further, the financial highlights released by Phoenix Beverages Limited (PBL) on the Stock Exchange of Mauritius showed that the group turnover for the 9 months period increased by 6.1% to Rs 3.70 billion compared to the corresponding period a year ago when it stood at Rs 3.49 billion.
Also, group profit before finance costs was up 2.0%, from Rs 291.0 million to Rs 296.6 million. In addition, group profit after tax for the period from both continuing and discontinued operations stood at Rs 535.7 million compared to 2013 when it was Rs 139.6 million.
It may be noted that part of the exceptional profits, to the tune of Rs 289.1 million, accrued from PBL’s sale of its entire interests in its associated company in Madagascar in December 2013.
The financial statement also reveals that, in the same period, an increase of 17.3% was seen in net assets per share, from Rs 165.1 to Rs 193.7.
Furthermore, the Board has declared a final dividend of Rs 5.20 per share payable in June 2014, which follows the interim dividend of Rs 3.20 per share paid in December 2013, bringing total dividend for year ending June 30, 2014 to Rs 8.40 per share.
On May 6, 2014, the Executive Director of the Competition Commission of Mauritius (‘CCM’) decided to launch an investigation into a possible cartel between the company and the Castel group to share the beer market or restrict the supply of beer in Mauritius.
It was alleged that ‘collusive agreement (cartel) may exist between the Company on one hand and on the other hand, the Castel Group and its subsidiary Stag Beverages Ltd (the ‘Castel Group’) which may have as its object or effect the sharing of the beer market or the restriction of supply of beer in Mauritius.’
No decision having been reached yet, the company management declares its intent to cooperate fully with the CCM on the investigation to demonstrate clearly that no collusive agreement exists with the Castel Group.
Ultimately, as the trading and economic conditions in the local market are expected to remain broadly unchanged as compared to 2013, group management stated that PBL will continue to develop and distinguish its brand portfolios and increase local insights in order to increase its sales volumes.