[2007-09-28]  Unaudited condensed financial statements for the year ended June 30, 2007
The abridged financial statements which are unaudited have been prepared on the same basis of accounting policies set out in the Financial Statements of the group for the year ended June 30, 2006.
The increase in the profits before exceptional items of the group has been achieved mainly on the back of better operational results registered by Grewals (Mauritius) Ltd. The latter took advantage of the boom in the construction industry and also started benefiting from the restructuring programme already initiated.
The exceptional item for the company relates to the profit realised on the disposal of the investment in Plastic Industry (Mauritius) Ltd.The latter, being previously an associate of GIDC, the profit is reversed in the preparation of the group accounts.
The exceptional items for the group are in respect of the write-offs of obsolete stocks and a provision for bad debts.
GIDC is currrently in the process of being restructured through the disposal of certain investments and the acquisition of additional stakes in existing subsidiaries or associates. The restructuring scheme, which is expected to be completed by the end of the calendar year, will enable the holding company to repay all its debts and also inject fresh cash in certain of its subsidiaries to restructure them financially. The directors are confident that the scheme will improve the performance of the group.
Copies of the preliminary report are available free of charge to the public at the registered office of the company at 7th Floor, Swan Group Centre, Intendance Street, Port Louis
JULIEN HOAREAU
for ESPITALIER NOEL LTD
Secretaries
This report is issued pursuant to Listings Rule 12.20
The Board of Directors of General Investment and Development Co Ltd accepts full responsibility for the accuracy of the information contained in this communiqué


Source: © 2003 Associated Brokers Ltd.