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.
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