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Investment property

EUDCOS owns a few investment properties, which it holds on a long-term basis and which, in view of their strategic location and good standing, are expected to generate satisfactory returns.

 

One of the Company’s key investment properties, through its subsidiary CMC, is the Medine Mews building, situated at the heart of Port Louis central business district, and consisting of two blocks – one housing a shopping arcade on two floors and office space on ten floors, and the other a nine-level car park – representing a total floor area of approximately 19,000 square metres.

Revenues generated from the investment properties owned by CMC amounted to Rs 30.2 million for the year under review and were slightly lower than the preceding year. Net profit after tax, however, dropped to Rs 9.1 million compared to Rs 15 million achieved the preceding year, and it was attributable to a one-off cost of repairs to the building that were taken on board in the profit statement.