06 crore from Rs.1,155.11 crore in the the previous year. The company attributed the drop in revenues to the combined effect of the Mumbai terrorist attacks and the global economic meltdown.

'The global financial crisis and the terror attacks on India's financial capital Mumbai last November have resulted in a sharp drop in foreign visitors to India,' said group chairman P.R.S. Oberoi.

'Hotel occupancies and revenues have been significantly affected and the travel and tourism industry is experiencing challenging times. The recent H1N1 pandemic could further restrict global travel,' added Oberoi.

The group has also signed a management contract for an Oberoi hotel and residences in Marrakech, Morocco, for which planning was underway.

It is also scaling up its flight kitchen business, with operations in Mauritius, Kochi and Calicut expected to commence operations in 2010 while a new flight kitchen in Delhi was expected to start in 2011.