Bloomberg News

Ciel of Mauritius Profit Drops 54% as Associates Income Fall

June 22, 2011

(Updates with company comment starting in third paragraph.)

June 22 (Bloomberg) -- Ciel Investment Ltd., a Mauritian investment-holding company, said full-year profit fell 54 percent as income from its associate companies declined.

Net income declined to 203.8 million rupees ($7.2 million) in the year through March from 439.7 million rupees a year earlier, the Port Louis-based company said in a statement on the Stock Exchange of Mauritius’s website today. Revenue increased 37 percent to 295.3 million rupees, it said.

Ciel’s share of associates’ after-tax profit slumped to 114.2 million rupees from 507.6 million rupees, the company said. Earnings were boosted in the previous year by “exceptional profits” after Ireland Blyth Ltd. distributed dividends to dispose of its 29 percent stake in Sun Resorts Ltd., it said. Ciel was a shareholder in Ireland Blyth.

Ciel Investment has assets of 5 billion rupees and holds stakes in tourism, healthcare and financial services companies, according to the company.

--Editors: Gordon Bell, Ben Holland

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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