Mauritius Telecom reports rising profit in 2011; tight-lipped on listing

1 Jun 2012

State-owned fixed line and mobile operator Mauritius Telecom has reported a small 4% year-on-year rise in pre-tax profits to MUR2.55 billion (USD89.1 million) for the year to 31 December 2011, but is still tight-lipped on its oft-mooted listing. The incumbent had originally planned to list on the stock exchange in 2010, raising USD1.5 billion in the process, but the project was put on the backburner following the global financial crisis. With no timetable in place for the listing to begin, the firm’s chairman Appalsamy Thomas has said only that the ‘decision rests with the main shareholder which is the government’. Meanwhile, the operator’s chief executive Sarat Lallah noted that shareholders would be keen to wait for a more ‘favourable economic environment’ before embarking on an IPO.

In a press conference, Lallah added that the group’s mobile unit maintained its growth in FY2011, and continues to be its principal generator of income, with full-year operating revenue of MUR3.5 billion, up 4.3% y-o-y. The telco’s internet segment also saw turnover rise, by 14%, to MUR766 million, he said.

Mauritius, Mauritius Telecom (MT)