Indian Hotels net up 164%

BS 200 SCORECARD

The Indian Hotels Company Ltd reported a net profit of Rs 16.91 crore for the quarter ended June 30, 2005, a 164.2 per cent growth over Rs 6.4 crore reported in the corresponding quarter the previous fiscal.

The company achieved a total income of Rs 207.84 crore for the quarter under review, a growth of 23.08 per cent over Rs 168.86 crore reported for the previous corresponding period.

Raymond N Bickson said that the improved performance was driven by an all-round growth in occupancies and average room rates at all the key hotels of the company.

According to him, the company witnessed an occupancy of about 65 per cent at its hotels and an ARR of about Rs 5,000. The quarter also witnessed robust growth in the company's food and beverage income.

Income from operations for the quarter under review grew by 23 per cent over the corresponding quarter in the previous year. This was driven by an increase in arrivals into India together with growth in domestic travel.

During the quarter under review, the company finalised the long term lease of The Pierre hotel in New York, besides entering into a management contract for Rebak Marina Resort, Lankawi, Malaysia.