notes - Mauritius Housing MHC

REVIEW
of the year’s
performance
3.1 Gross Operating Income
Operating income experienced a rise of Rs 46.4 million during the financial year 2001/02 rising from 574.3 million to
Rs 620.7 million. This item consists of interest on housing loan, interest subsidy from Government in relation to
Government Sponsored Loans (GSL) and interest on bank deposits.
Turnover (consisting of interest on housing loan and interest subsidy from the Government) increased from Rs 541.9
million in FY 2000-2001 to Rs 549.7 million during FY 2001/02. The bulk of interest income originated from normal
housing loans with a share of 79%; this result being the consequence of the rectification of the mix of normal loans
and GSL in the Housing Loans Portfolio.
The sharp increase in interest on bank deposits from Rs 7.2 million to Rs 40.1 million was due to the building up of fund
needed to finance mainly the joint BPML/MHC construction of a residential complex at the Ebène Cybercity site.
3.2 Interest Expense
Interest expense rose by 10.4% from Rs 407.4 million during the FY 2000/01 to Rs 449.8 million during FY 2001/02.
ANNUAL REPORT 2001 - 2002
This rise was largely attributed to the increased amount provided for interest accrued on PEL accounts and the effect
of interest provided for the last loans taken from NPF/NSF started to be felt.
3.3 Profit
Net Profit increased by Rs 11.7 million for the period ended 30.06.02 i.e. a 9.8% increase over last year’s. With a
realized net profit of Rs 131.6 million, dividend proposed to shareholders will increase by 14% at Rs 17.1 million. The
year after year increase in the results of the operations and activities of the Company clearly shows the strength of the
Company despite the ever-increasing competitive environment in which it is evolving.
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