CFSL - Financial Statements - Nine months and Quarter Ended 30 June 2017
Quarter ended 30 June 2017
In May 2017, the Group completed the sale of its Global Business cluster which produced a net profit on disposal of MUR2,463.8m. In our financial reporting, Global Business is now accounted for under ‘discontinued operations’ and prior period results have been appropriately adjusted for comparison purposes. Group results have been positively impacted by this transaction with a Group Profit after Tax for the quarter of MUR2,598.5m.
Group PAT, excluding non-recurring items, continued to benefit from its main contributors, the Finance and Property clusters, up 14% and 18% respectively.
Nine months ended 30 June 2017
The impact of the Global Business sale is similarly reflected in the cumulative performance up to June with the Group reporting a Profit after Tax of MUR2,883.4m.
Net Operating Income from continuing operations grew by 12% over history with the Finance cluster benefiting from increased lending volumes and the Property cluster reflecting a healthy increase in rental income.
Group PAT from continuing operations and before non-recurring items rose to MUR249.1m again boosted by the Finance and Property clusters.
Outlook
The rapid growth of our two main businesses and the strength of the Balance Sheet give the Group the comfort for further extending its investment opportunities both in Mauritius and the region.
By order of the Board
Cim Administrators Ltd
Company Secretary
10 August 2017
The interim condensed financial statements of the Group are unaudited and have been prepared using the same accounting policies as the audited statements for the year ended 30 September 2016, except for the adoption of published Standards that are now effective.
These interim condensed financial statements are issued pursuant to Listing Rule 12.20 and the Securities Act 2005.
Copies of the statement of direct and indirect interests of Officers pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 and the financial statements are available free of charge upon request made to the Company Secretary at the registered office ofCim Financial Services Ltd.
The Board of Directors ofCim Financial Services Ltd accepts full responsibility for the accuracy of the information contained therein.