Lux Island of Mauritius swings back to profit as tourists return amid ease of Covid-19 travel curbs

Updated on Sep 21, 2022 02:42 PM IST

Mauritius is relying on a recovery in the tourism industry to drive economic expansion this year, which is forecast at 7.2%.

Lux Island of Mauritius swings back to profit as tourists return amid ease of Covid-19 travel curbs(Asad Photo)
Lux Island of Mauritius swings back to profit as tourists return amid ease of Covid-19 travel curbs(Asad Photo)
Bloomberg | | Posted by Zarafshan Shiraz

Lux Island Resorts Ltd., the biggest hotel operator in Mauritius by market value, returned to profit in the year through June as tourists returned following the easing of Covid-19 restrictions.

Net income was 478.7 million rupees ($10.5 million), compared with a loss of 1.03 billion rupees a year earlier, according to a stock exchange statement Wednesday. Revenue almost tripled to 6.8 billion rupees.

“In-hand bookings of all our hotels during the first quarter of the financial year ending June 30, 2023 are very satisfactory,” Lux said. Russia’s ongoing war in Ukraine and the increase in interest and inflation rates remain a concern, the company added.

Tourism earnings for the Indian Ocean island nation during the first seven months of 2022 totalled 30.4 billion rupees, according to the central bank. Mauritius is relying on a recovery in the industry to drive economic expansion this year, which is forecast at 7.2%.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
SHARE THIS ARTICLE ON
SHARE
Story Saved
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Sunday, October 02, 2022
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals