The Group posted very satisfactory results in the quarter ended 31 March 2015. Group revenue for the three months grew by 20% to Rs 892.6 million and Group Profit After Taxation (PAT) rose by 58% to Rs 170.4 million.
The Finance segment maintained its steady progression, with revenue for the quarter up 10% to Rs 296.3 million and PAT increasing by 8% to Rs 65.5 million.
The Global Business segment posted an encouraging growth in revenue (+19%) to Rs 187.0 million due largely to increased billings and a favourable US dollar which boosted PAT by 108% to Rs 88.9 million.
The Property segment continued to perform well. Turnover was up 22% over last year to Rs 27.6 million. PAT for the quarter was Rs 8.2 million, a 52% improvement over the previous year. Higher occupancy levels and better yields were the main factors impacting performance.
The revenue of the Investments segment (which includes the Corporate Office) increased by 28% to Rs 605.6 million, driven mainly by the continued improvement of the retail and wholesale activities. PAT for this segment was Rs 7.8 million for the quarter, an improvement over the loss of Rs 1.2 million recorded in the corresponding quarter in the previous year.
Six months ended 31 March 2015
Group revenue for the six months stood at Rs 2,020.9 million, representing an increase of 14% over the corresponding period last year. Group PAT for the period was 41% higher than last year at Rs 300.4 million.
The revenue and PAT trends of the individual segments for the six months ended 31 March 2015 were in line with those of the second quarter.
The Board has been following the developments on the reported disposal of the business of Courts Mauritius. It is however too early for the Board to comment any further on this matter at this stage. Shareholders and the investing public will be kept informed of any relevant developments on this matter in due course. Outlook
The Board is encouraged by the results of the Group at the half year mark. Despite challenging business conditions we remain confident that the various ongoing initiatives will further strengthen the Cim Group.
By order of the Board
Cim Administrators Ltd
13 May 2015