million for the fiscal year ending on September 30. Documents obtained by The Royal Gazette yesterday reveal an industry still reeling to contain financial haemorrhage.

The 1992 result marks the fifth straight year the major hotels have reported a loss. Since 1988, their total loss has been pegged at $41,592 million. The situation has worsened precipitously in the past two years. Bermuda's eight largest properties ended 1991 $17.5 million in the red. The figures were compiled for the Bermuda Hotel Association by the auditing firm of Cooper & Lines.

Bermuda Industrial Union spokesmen, who are currently in arbitrated contract talks with the Hotel Employers of Bermuda, have argued repeatedly that the unaudited statements shield better performances.

Yesterday, Cooper & Lines senior partner Mr. David Lines was brought before the Disputes Settlement Board to explain the figures which cover results for the Sonesta Beach Hotel, the Elbow Beach Hotel, Marriott's Castle Harbour Resort, Grotto Bay, Southampton Princess, The Princess, Belmont Hotel and Harmony Hall.

His 13-page document showed the tourism industry's biggest players in parlous condition. The report showed hotel occupancies steadily eroding from 68.8 percent in 1987 to an anaemic 55.9 percent this year. With increasing losses, hotel management have been reinvesting less into their aging properties.

Refurnishing budgets have plummeted from a 1987 high of $20,122,000 to a paltry $3,683,000 this year.

Mr. Lines indicated the picture was even worse than the collective loss of $12,446,000 he reported yesterday. The takeover of Sonesta Beach by owner Aetna Life Insurance saw nearly $5 million in annual debt charges for the property absorbed by the Hartford-based insurance giant. The following are the highlights as presented in the hotel's combined financial summary: 1992 1991 1990 1989 1988 (in thousands of dollars) Total sales 155,502 165,651 184,272 169,543 157,692 Payroll costs 60,009 64,677 67,776 61,318 55,055 Operating expenses 57,156 60,987 62,032 54,221 53,679 Fixed expenses (debt/rent) 24,069 28,876 26,926 25,650 24,809 Net profit (loss) (12,466) (17,476) (5,502) (2,277) (3,891).