* Costs driven up by loans for redevelopment
* Poor visibility for second half of the year
By Jean Paul Arouff
PORT LOUIS, Aug 12 (Reuters) - Mauritius-based luxury hotel group Naiade Resorts said on Wednesday it made a first-half loss as the global economic slowdown hit the palm-fringed island's vital tourism sector.
The group said its post-tax loss for the first half of 2009 was 140 million rupees ($4.38 million), compared with a net profit of 56.4 million rupees for the same period last year.
In an unaudited financial report, Naiade said revenue increased marginally by 0.8 percent to 1.24 billion rupees for the six-month period.
Despite signs of recovery in its main source markets, it said it was difficult to provide forecasts for the second half of this year due to a lack of visibility and high level of last-minute bookings.
"Management is taking all the necessary measures to reduce costs and increase revenue," said the group, which owns five-star hotels in Mauritius, Reunion and the Maldives.
"Financial costs grew by some 64 million rupees compared to the corresponding period last year, mainly on account of the loans contracted to finance the redevelopment of Les Pavillons and Grand Hotel du Lagon," it said in a statement.
Visitor numbers to Mauritius, traditionally one of Africa's most stable and prosperous economies, fell by 9.3 percent to 413,504 during the first half of 2009.
All operators in the top-end market have suffered.
On Tuesday, New Mauritius Hotels posted a 30.52 percent slump in post-tax profits to 1.12 billion rupees for the nine months ending June 30.
Naiade said that while its room occupancy rate had slipped by just 1 percent to 74 percent, its average room rate had been hit hard by the high level of discounting within the industry.
It made a loss per share of 1.63 rupees for the six month period, compared to a profit of 0.73 rupees during the same period last year.
Naiade Resorts has been among the hardest hit stocks on the Indian Ocean island's benchmark SEMDEX index.
At midday on Wednesday, it was trading at 48 rupees, down 4 percent on the previous day's close but up 182.35 percent from a Feb. 11 low of 17 rupees. (Writing by Richard Lough; Editing by Daniel Wallis and Jon Loades-Carter) ($1=31.90 Mauritius Rupee)