February 12, 2018 / 2:56 PM / 5 months ago

Mauritius conglomerate Ireland Blyth posts 12.2 pct fall in pre-tax profit

PORT LOUIS, Feb 12 (Reuters) - Mauritius conglomerate Ireland Blythe Ltd (IBL) said on Monday pre-tax profit fell 12.2 percent in its half year to December 31, hit by a drop in prices.

Pre-tax profit dropped to 1.49 billion rupees ($45.50 million) from 1.70 billion, it said.

“A number of exogenous market factors affected the group’s reported results, namely a drop in fishmeal price and implementation of fishing quotas affecting the seafood sector,” the firm said in a statement.

Depressed sugar prices in Mauritius and lower sugarcane availability in Kenya were also among the factors, it added.

Revenue rose to 19.50 billion rupees from 17.21 billion rupees. Earnings per share fell to 1.09 rupees from 1.35 rupees, the company said.

It said medium to long term growth prospects are positive, although some businesses face short term challenges.

$1 = 32.7500 Mauritius rupees Reporting by Jean Paul Arouff; Editing by Aaron Maasho and Adrian Croft

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