By Richard Lough PORT LOUIS (Reuters) - The Mauritius-based luxury hotel groups Naiade Resorts and New Mauritius Hotels posted pretax profit slumps of 83.2 percent and 48.2 percent respectively for the first quarter of 2009. The global economic downturn has squeezed the palm-fringed island's key tourism sector and dented growth in one of Africa's traditionally stable and prosperous economies. Both hotel groups said tumbling visitor numbers had hit occupancy levels and forced significant discounts on prices. Naiade Resorts posted pretax profits of 23.23 million rupees in the first quarter compared with 138.06 million rupees in the same period last year. "Tourist arrivals to Mauritius ... continued to be affected by the recession in all our main source markets. We are not engaging into major capital project in 2009, and our priority will be to consolidate our existing operations," it said. Visitor arrivals to Mauritius during the first quarter of this year fell 9.9 percent to 235,715 against the previous year, according to government statistics. NMH said pretax profits for the quarter were down 48.2 percent to 413.25 million rupees compared with 797.85 million rupees during the same period in the previous year. It said the latest forecast for the quarter ending 30 June indicated that earnings will be slightly better than last year. "This is mainly attributable to the strength of the euro and to Easter falling in April," the firm said. Naiade Resort, the hardest-hit hotel equity over the last 15 months, has rallied 111.8 percent to 36 rupees per share since hitting a low of 17 rupees on February 11. Shares in NMH closed on Tuesday at 90 rupees, a 50 percent increase from this year's February 11 low of 60 rupees. Mauritius' finance minister has said his forthcoming budget would build on last December's $310 million stimulus package, with the tourism sector a priority. | 
