CFSL - Interim Condensed Unaudited Financial Statements - Half year and quarter ended 31 March 2017
We are pleased to announce that by way a letter dated 9 May 2017, the Financial Services Commission has given its clearance for the disposal of our Global Business cluster. The transaction is now expected to be completed by end of May 2017.
Quarter ended 31 March 2017
Financial reporting of the companies included in the disposal are grouped under ‘discontinued operations’. Prior period results have been appropriately adjusted.
Net operating income from continuing operations has shown a 19.6% increase over the corresponding quarter last year with healthy increases in both the Finance and Property clusters.
Group PAT from continuing operations and before non-recurring items (last year’s profit on the acquisition of Edith Cavell Properties) stands at MUR78.1m, a gain of 7.0% over history.
Six months ended 31 March 2017
Net operating income from continuing operations increased 17% to MUR695.4m compared to history with income in the Finance cluster showing a marked improvement of 21% due to increased lending volumes. The Property cluster also reported a healthy increase in revenues, up 18% over history.
The Investment cluster showed a reduction from MUR7.9m profit to a loss of MUR31.4m. Included in this period are additional costs related to the disposal of the Global Business.
Group PAT from continuing operations and before non-recurring items rose by 3.6% to MUR158.6m over the corresponding period last year with encouraging increases in the PAT of our Finance and Property clusters.
With the completion of the disposal of its Global Business cluster scheduled in May 2017, the Group is well placed to take advantage of growth opportunities in its Finance and Property interests, in both Mauritius and the wider region.
By order of the Board
Cim Administrators Ltd
10 May 2017
Cim Financial Services Ltd
33, Edith Cavell Street, Port Louis 11324, Mauritius
Tel: (230) 213 7676
Fax: (230) 213 7677