JA Pegasus records $14.6M third quarter loss

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An increase in operating expenses has left the Jamaica Pegasus Hotel in the red.

The hotel, which will soon have a new majority owner, suffered a $14.6 million loss during the July to September quarter.

This versus a $11.4 million profit during the corresponding period last year.

During the three months, Jamaica Pegasus saw revenue increase by $2.8 million to $240 million.

However, this was eroded by operating expenses rising by $15 million to $107 million as well as administrative and other costs being higher than was reported last year.