Sri Lanka Taj unit in losses amid refurbishment

Feb 13, 2014 (LBO) – Sri Lanka’s Taj Lanka Hotels Plc, a unit of India’s Taj Hotels and Resorts said it lost 118 million rupees in the December 2013 quarter as the hotel went through a refurbishment. Revenues were down 34 percent to 355 million rupees, cost of sales fell 2 percent to 388 million rupees and there was a gross loss of 32 million rupees.

Taj Hotels said rooms were closed for refurbishment and only 70 units were available for sale up to October.

But in November 300 rooms were available for sale, with a 15.5 million US dollar first phase of a 20 million US upgrade being completed.