Navitas Corporate Services Ltd. Company Secretary. This 23rd May 2018. The Board of Directors accepts full responsibilit
SOUTHERN CROSS TOURIST COMPANY LIMITED AND ITS SUBSIDIARIES UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 MARCH 2018 UNAUDITED CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION
THE GROUP
THE GROUP Quarter ended 31 March 2018 Rs’000 Unaudited
ASSETS
NOTES:
Quarter ended
Year Ended
31 March 2018 Rs’000 Unaudited
31 March 31 December 2017 2017 Rs’000 Rs’000 Audited Unaudited
Year Ended
31 March 31 December 2017 2017 Rs’000 Rs’000 Unaudited Audited
Non-current assets
841,818
844,468
837,180
Revenue
157,033
Current assets
138,979
150,218
153,230
Operating profit
36,430
29,138
52,721
Total assets
980,797
994,686
990,410
Net finance costs
(3,718 )
(7,062 )
(33,874 )
Share of result of associate
(44 )
195
409
Profit before exceptional item
32,668
22,271
19,256
EQUITY AND LIABILITIES
157,695
555,186
Capital and reserves
404,810
400,509
377,807
Exceptional item
-
-
(13,066 )
Non-current liabilities
457,332
426,517
459,874
Profit before taxation
32,668
22,271
6,190
Current liabilities
118,655
167,660
152,729
Taxation
(5,665 )
(3,686 )
(5,489 )
Total equity and liabilities
980,797
994,686
990,410
Profit for the period
27,003
18,585
701
Other comprehensive income
-
Total comprehensive income for the period
27,003
UNAUDITED CONDENSED STATEMENT OF CASHFLOWS
31 March 2018 Rs’000 Unaudited
27,003
18,585
Non-controlling interests
-
-
-
27,003
18,585
701
Owners of the parent
27,003
18,585
(4,117 )
Non-controlling interests
-
-
-
27,003
18,585
(4,117 )
Re.
0.21
0.15
0.01
Year Ended
31 March 31 December 2017 2017 Rs’000 Rs’000 Audited Unaudited
operating activities
49,182
35,011
45,784
Net cash used in investing activities
(14,411 )
(1,294 )
(19,047 )
Net cash used in financing activities
(7,466 )
(15,639 )
(40,323 )
27,305
18,078
(13,586 )
(38,568 )
(24,982 )
(24,982 )
(11,263 )
(6,904 )
(38,568 )
Net increase/(decrease) in cash and cash
Earnings per share
UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY
Quarter ended 31 March 2018 Rs’000 Unaudited
Balance at the beginning of the period
Year Ended
31 March 31 December 2017 2017 Rs’000 Rs’000 Unaudited Audited
377,807 381,924 27,003
2. The company owns and manages Preskil Beach Resort situated at Pointe Jerome, Mahebourg and Solana Beach at Belle Mare. The company also manages Astroea Beach, a boutique hotel situated at Pte d’Esny. It is to be noted that the turnover of the group for the first quarter of year 2018 is similar to last year’s quarter. The combined occupancy rate for the first quarter 2018 stood at 87% compared to 90% for the same quarter last year. 3. Operating profit for the quarter ended 31 March 2018 amounted to Rs 36m compared to Rs 29m for the same quarter last year, representing a notable increase of 25%. The rise in profitability is attributable to an improved yield in terms of higher room rates and reduction in expenses due to better costs containment and lower maintenance costs during this quarter compared to last year’s quarter. 4. Net finance costs for the first quarter 2018 has decreased by Rs 3m mainly due to positive variances arising on net foreign exchange transactions. 5. Profit before tax for quarter ended 31 March 2018 amounted to Rs 33m compared to Rs 22m last year, representing an increase of 47%. 6. The Board of Directors wishes to inform that Preskil Beach Resort has closed down during the last week of April in order to enable site mobilisation for the renovation that will be undertaken at the hotel and which is expected to last until November 2018. Further announcement regarding major aspects of the project will be made shortly. By Order of the Board Navitas Corporate Services Ltd Company Secretary This 23rd May 2018
THE GROUP
Cash and cash equivalents at the end of the period
701
Total comprehensive income attributable to:
Cash and cash equivalents at the beginning of the period
(4,117 )
Owners of the parent
Net cash generated from
equivalents
18,585
Profit attributable to:
THE GROUP Quarter ended
- (4,818 )
1. The interim condensed financial statements for the quarter ended 31 March 2018 are unaudited. The accounting policies and standards used in the preparation of these abridged interim financial statements are consistent with those used in the audited financial statements for the year ended 31 December 2017, except for the adoption of amendments to published standards and interpretations issued which are now effective. This interim report complies with IAS 34 “Interim Financial Reporting”.
381,924
Total comprehensive income for the period
18,585
(4,117 )
Balance at the end of the period
404,810 400,509
377,807
The Board of Directors accepts full responsibility for the accuracy of the information contained in the above unaudited condensed financial statements. Copies of the unaudited condensed financial statements are available to the public, free of charge, at Union Corporate Limited, Riche en Eau, St Hubert. The Statement of interests of officers of the company required under rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request to the Company Secretary, free of charge, at C/O Navitas Corporate Services Ltd, Navitas House, Robinson Road, Floréal. This statement is issued pursuant to DEM Rule 17 and Securities Act 2005.
