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Lux Island Resorts quarterly loss widens
November 14, 2012 / 2:32 PM / 5 years ago

Lux Island Resorts quarterly loss widens

PORT LOUIS, Nov 14 (Reuters) - Mauritian hotelier Lux Island Resorts reported a wider quarterly loss, reflecting a tougher leisure travel market as a result of the debt crisis in the euro zone, a key source of tourists.

Lux Island Resorts said on Wednesday its room occupancy rate fell 18 percent in the three months to September - its first quarter during which it made a pretax loss of 170 million rupees ($5.5 million).

“This significant drop in occupancy rate is the result of the aggressive promotional rates in the market and an increase in the number of rooms in operation on the island compared to the corresponding quarter,” the luxury hotel group said.

The company, which has properties in the Maldives and Reunion, said its loss per share widened to 1.42 rupees from 1.06 rupees.

Lux Island Resorts said its second-quarter performance could improve given room bookings were at a similar level with the 2011 period.

Lux issued its results after the market closed with its shares unchanged at 15.50 rupees. ($1 = 31.05 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by Dan Lalor)

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