Losses get heavier for hotel group

Things do not seem to get any easier for Southern Cross Tourist Company Ltd – which owns and manages several hotels on the island.

After posting losses (after tax) of Rs180 million for the period ended 30 September 2020, the group has now posted heavier losses – amounting to Rs202 million.

The company’s portfolio includes the Preskil Island Resort, situated at Pointe Jerome, Mahebourg and Solana Beach Mauritius at Belle Mare.

The company also manages Astroea Beach, a boutique hotel situated at Pte d’Esny.

It generated revenue of Rs 88m for the period ended 30 September 2021, said to be mainly derived from its operations as quarantine centres.

Southern Cross has also secured financing from the Mauritius Investment Corporation Ltd (MIC) and signed a binding subscription agreement for the issue of redeemable and convertible secured bonds for an amount of Rs 350m at a fixed interest rate.

The legal and security documents have been finalised and first disbursement expected by Q4-2021.