CFSL - Interim Condensed Unaudited Financial Statements - Half year and quarter ended 31 March 2017
We are pleased to announce that by way a letter dated 9 May 2017, the Financial Services Commission has given its clearance for the disposal of our Global Business cluster. The transaction is now expected to be completed by end of May 2017.
Quarter ended 31 March 2017
Financial reporting of the companies included in the disposal are grouped under ‘discontinued operations’. Prior period results have been appropriately adjusted.
Net operating income from continuing operations has shown a 19.6% increase over the corresponding quarter last year with healthy increases in both the Finance and Property clusters.
Group PAT from continuing operations and before non-recurring items (last year’s profit on the acquisition of Edith Cavell Properties) stands at MUR78.1m, a gain of 7.0% over history.
Six months ended 31 March 2017
Net operating income from continuing operations increased 17% to MUR695.4m compared to history with income in the Finance cluster showing a marked improvement of 21% due to increased lending volumes. The Property cluster also reported a healthy increase in revenues, up 18% over history.
The Investment cluster showed a reduction from MUR7.9m profit to a loss of MUR31.4m. Included in this period are additional costs related to the disposal of the Global Business.
Group PAT from continuing operations and before non-recurring items rose by 3.6% to MUR158.6m over the corresponding period last year with encouraging increases in the PAT of our Finance and Property clusters.
Outlook
With the completion of the disposal of its Global Business cluster scheduled in May 2017, the Group is well placed to take advantage of growth opportunities in its Finance and Property interests, in both Mauritius and the wider region.
By order of the Board
Cim Administrators Ltd
Company Secretary
10 May 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 of Cim Financial Services Ltd.
The Board of Directors of Cim Financial Services Ltd accepts full responsibility for the accuracy of the information contained therein.
Cim Financial Services Ltd
33, Edith Cavell Street, Port Louis 11324, Mauritius
Tel: (230) 213 7676
Fax: (230) 213 7677
www.cim.mu