Mahindra Holidays and Resorts India (MHRIL), part of the $7.1 billion Mahindra Group, today reported a 35.1 per cent dip in their net profit for the quarter ended September 30, 2010.
The city-based firm reported a net profit of Rs 18.19 crore, a dip of 35.17 per cent for the quarter ended September 30 compared to Rs 28.07 crore in the same period a year ago, a company statement here said.
For the six month period ended September 30, 2010, the net profit of the company fell by 49 per cent to Rs 31.48 crore from Rs 61.81 crore in the corresponding period last year.
The total income of the company for the quarter stood at Rs 113.51 crore compared to Rs 120.06 crore in the same period last year. For the six months the total income dipped to Rs 215.29 crore from Rs 255.37 crore in the corresponding period last year, it said.
"During this quarter the management continued its focus to improve customer acquisition and enhance customer satisfaction. This required certain decisions to be taken which have impacted the performance in the short run, but we believe this will build the base for better future.
"While there is marginal improvement in this quarter over the preceding quarter, these processes do take some time to yield results and the management expects to see a positive impact of these initiatives from the next calendar year." MHRIL Chairman Arun Nanda said.
The company said it had over one lakh long-term holiday members and operates 30 resorts across India and Thailand.
