Mauritius Cim Financial Q1 profit up 115 pct

PORT LOUIS Wed Feb 13, 2013 7:29am EST

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PORT LOUIS Feb 13 (Reuters) - Mauritius Cim Financial Services said on Wednesday its first-quarter pretax profit rose 115 percent to 208 million rupees ($7 million), driven largely by a one-off item as well as its financial services operations.

Cim debuted on the stock exchange in October after being split from property, hotel, aviation and logistics firm Rogers . Cim offers a wide range of services, including fund administration and insurance.

The company said the sale of its 49 percent stake in Mauritius' Mediterranean Shipping Company Ltd resulted in an exceptional profit of 96 million rupees in the period.

Cim, whose net earnings increased by 32 percent to 69 million rupees, also benefited from increased retail sales. The company offers hire purchase facilities covering more than 550 dealers.

Revenue rose 18 percent to 950 million rupees in the first quarter to Dec. 31 while earnings per share inched higher to 0.28 rupees from 0.26 rupees in the same period the year before.

($1 = 30.5500 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by James Macharia and Mark Potter)

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