Phoenix Beverages profits surge 296.7% to Rs 54.82 mn for 3 months to September
However, the board pointed out that the depreciation of the Euro to the Mauritian Rupee has negatively impacted the results of its subsidiary, Phoenix Beverages Overseas Limited, which has sustained unrealised exchange losses of Rs 6.5 million for the first 3 months of the financial year alone. (Image: Panoramio)
Mauritius beverages major, Phoenix Beverages Limited (PBL), achieved group profits of Rs 54.82 million and group revenues of Rs 1.08 billion for the three months to September 2014, according to financial highlights released on the Stock Exchange of Mauritius (SEM).
The financial highlights stated that the loss of Rs 38.1 million from discontinued operations in 2013 that drastically pulled down group profits from Rs 51.96 million to Rs 13.82 million last year, was actually related to PBL’s associated companies in Madagascar, which was disposed of in December 2013.
Accordingly, group profit for the three months ended September 2014 saw a tremendous increase of 296.7% to reach Rs 54.82 million against Rs 13.82 million for last year’s corresponding quarter, while at a company level, the net profit for the period increased by 24.8% to Rs 67.32 million.
Also, the group revenue amounted to Rs 1.08 billion compared to Rs 1.03 billion obtained last year, representing an increase of 4.0%.
Besides, profit before interest and taxes on continuing operations increased by 5% from Rs 67.47 million to Rs 70.84 million, mainly driven by higher revenue and cost containment.
On a segmental basis, the local business unit achieved a profit hike of 21.7% to reach Rs 81.60 million for the 3 months ended September 2014, compared to Rs 67.05 million in last year’s corresponding period.
On the other hand, the overseas segment did not perform well, notching up a loss of Rs 10.76 million in the three months ended September 2014, while it had realised a marginal profit of Rs 420,000 in the corresponding period of 2013.
The board pointed out that the depreciation of the Euro to the Mauritian Rupee has negatively impacted the results of its subsidiary, Phoenix Beverages Overseas Limited, which has sustained unrealised exchange losses of Rs 6.5 million for the first 3 months of the financial year alone.
“The economic environment is expected to remain highly challenging and competitive both in Mauritius and abroad. However, we have a clear strategy in place to strengthen our brands and increase our sales volume while continuing to diversify our beverage portfolio,” the board concluded.
Phoenix Beverages Limited (PBL):
Phoenix Beverages Limited ranks amongst the top companies of Mauritius as a leading beverage company.
Established in Mauritius since 1960, it has been listed on the Stock Exchange of Mauritius since 1993.
PBL was born of the strategic merger of Phoenix Camp Minerals and Mauritius Breweries Ltd whose flagship brand, the Phoenix Beer, was launched in 1963. Since then, it has become the preferred beer of Mauritius.
Source: Company Website