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

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%.