Ireland Blyth H1 pretax profit down 68 percent

Mauritian holding company Ireland Blyth said it still expected improved full-year results, when posting a 68 percent fall in first-half pretax profit on Tuesday.

The logistics, retail and financial services company said profit fell to 389 million rupees, reflecting a one-off item which boosted earnings the year before. Revenues rose 19 percent to 8.37 billion rupees.

Ireland Blyth shares closed down 0.7 percent.

The massive drop in pretax profit is due to an exceptional income arising from the distribution of shares of Sun Resort in 2009, Imrith Ramtohul, head of investment at Mauritius Union said.

The company's finance director, Gaetan Lan, told Reuters: Hopefully, we are going to end our financial year in June this year better than last year. Performance will be boosted by our seafood operations, financial services and retail distribution.

Ireland Blyth said the business environment remained challenging, adding conditions for the seafood sector were expected to remain stable.

Exchange rates and interest rates remain a sensitive issue and will continue to need close attention, it said.

Lan said the company's debts were above 4 billion rupees.

Earnings per share tumbled 73 percent to 4.34 rupees.