IBL Group, the Mauritian conglomerate led by businessman Arnaud Lagesse, posted a drop in annual profit as higher expenses and rising tax obligations weighed on results, even as revenue climbed on the back of international expansion and recent acquisitions.
Profit drops on higher taxes, losses
The group reported net profit of MUR4.98 billion 109.1 million , down 11 percent from MUR5.59 billion 122.4 million a year earlier. The decline was attributed to higher tax obligations, a lower contribution from associates and joint ventures, and the absence of a non-recurring gain of MUR1.6 billion 35 million booked in the previous year.