New Mauritius Hotels' half-year profit d

May 14 [Tue], 2013, 14:46
PORT LOUIS (Reuters) - Luxury hotels group New Mauritius Hotels (NMH) reported a 19 percent fall in first-half pretax profits on Monday, blaming reduced arrivals from Europe and high air ticket prices in the last three months.

Ranked among the Indian Ocean island nation's most-traded stocks, NMH said its pretax profit fell to 841.5 million rupees in the six months to end-March, from 1.036 billion rupees in the same period a year earlier.

Earnings per share fell to 4.65 rupees from 5.60 rupees a year ago.

Shares in NMH closed lower to 77 rupees from 78 rupees.

"During the (most recent) quarter under review, the air access problem became more acute with a significant net reduction of 13 percent in seat capacity from Europe and a substantial increase in the price of air tickets," NMH said in a statement.

Earlier on Monday local rival Sun Resorts reported a 19 percent fall in its pretax profit for the first quarter of 2013 and said high air fares would mean the market remained "challenging".



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