 "Indian Hotels net plummets 84% in Q3")
Indian Hotels Company, the country’s biggest hotel company, today announced 84 per cent decline in its consolidated net profit for the quarter ended December 31.
Writing off of ‘infructous projects’ and a loss on sale of investment shown under exceptional item heading resulted in the whopping decline in profits.
The Mumbai-based company clocked net profit of Rs 10.05 crore for the reporting quarter as against Rs 61.84 crore reported in the same quarter last year. The reporting quarter is treated as the best of the four quarters in the hospitality sector as travel and stay demand peaks at this time of the year.
“Exceptional item comprise expenditure on infructous projects written off amounting to 14.79 crore including Rs 4.96 crore written off by subsidiary company and a loss on sale of investment by an overseas subsidiary company aggregating to Rs 13.78 crore”, stated the company.
Consolidated net sales, during the quarter rose 8.4 per cent to Rs 1,308 crore as against Rs 1,206 crore posted in the same quarter a year earlier.
Writing off of ‘infructous projects’ and a loss on sale of investment shown under exceptional item heading resulted in the whopping decline in profits.
The Mumbai-based company clocked net profit of Rs 10.05 crore for the reporting quarter as against Rs 61.84 crore reported in the same quarter last year. The reporting quarter is treated as the best of the four quarters in the hospitality sector as travel and stay demand peaks at this time of the year.
“Exceptional item comprise expenditure on infructous projects written off amounting to 14.79 crore including Rs 4.96 crore written off by subsidiary company and a loss on sale of investment by an overseas subsidiary company aggregating to Rs 13.78 crore”, stated the company.
Consolidated net sales, during the quarter rose 8.4 per cent to Rs 1,308 crore as against Rs 1,206 crore posted in the same quarter a year earlier.