Mauritius Chemical and Fertilizer Industry Ltd. dropped to the lowest in more than 17 months after announcing full-year profit declined 42 percent.
The stock retreated 0.3 percent to 36.40 rupees by 11:22 a.m., in Port Louis, the capital, its lowest intraday level since October 2010, according to data compiled by Bloomberg.
Net income for 2011 fell to 48.34 million rupees ($1.7 million), from 83.96 million rupees a year earlier, according to a statement on the Stock Exchange of Mauritius website. Pretax profit dropped 32 percent to 64.98 million rupees.
The decline in pretax profit “is due mainly to a drop in profit margin on sales of fertilizers and adverse results” from Rehm Grinaker Construction Ltd., an associate company, Mauritius Chemical said in the statement.
To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at firstname.lastname@example.org
To contact the editor responsible for this story: Antony Sguazzin at email@example.com