notes - Mauritius Housing MHC

REVIEW
of the year’s
performance
3.4.3 Return on Capital Employed (ROCE)
ROCE worked out to 10.2%.
3.4.4 Earnings per Share (EPS)
EPS continued to increase. At the end of the Financial Year EPS was at Rs 13.16 against Rs 11.98 for the FY 2001. In
line with the progress and growth of the Company achieved, the wealth of the shareholders accordingly witnessed a
positive growth.
3.5 Mortgage Assets
Though competition in the mortgage market was tight net mortgage assets of the MHC broke the Rs 5 billion mark
during the year under review to reach Rs 5.061 billion. This represented a 3% increase over last year’s mortgage
portfolio.
This result has been achieved through MHC’s responsiveness to the market. The existing procedures were revisited to
streamline the loan sanctioning process so as to provide a better service to the clients. The various prevailing interest rates
applying to the different schemes were harmonized into a single interest rate. Besides, the interest rate was reduced from
13/14% p.a. to 12.5% p.a. All products, be it housing loans for purchase of land, purchase of property, construction,
ANNUAL REPORT 2001 - 2002
extension, renovation , purchase or construction of a second
housing unit, refinancing, were offered to the public since
January 2002 at 12.5% p.a. During the year a new mortgage
product was developed and offered to the public - our Land
Loan. The Land loan Scheme was worked out to meet the
increasing demand of many Mauritians who as a step towards
homeownership want to acquire a plot of land. The Land
Loan Scheme has since then proved to be popular.
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