Sinclairs Hotels Ltd has posted a 15-fold rise in net profit at Rs 15.86 crore for the quarter ended 31 December 2012, compared with Rs 1.07 crore in the year-ago period. The company said in a press release that it had achieved the result by unlocking value of part of its non-core real estate holding.
For the quarter ended 31 December 2012, the firm's total income from operations stood at Rs 5.20 crore (Rs 4.35 crore), while profit from operations before other income and exceptional item stood at Rs 1 crore (Rs 0.94 crore).
For the nine month period ended 31 December 2012, total income from operations grew 35% to Rs 13.82 crore; net profit from operations grew 31% to Rs 1.57 crore and profit after yax including income from exceptional items stood at Rs 16.50 crore.
The Board has deferred the decision of payment of interim dividend to the next Board meeting.
Navin Suchanti, CEO and Managing Director of Sinclairs, claimed that the company is undertaking extensive upgradation of its Siliguri and Darjeeling hotel properties and will complete the exercise in the current calendar year. He added that two properties in Kalimpong and Burdwan are scheduled to go on stream in this calendar year.
Shares of Sinclairs Hotels closed 5% up at Rs 362.50 on the Bombay Stock Exchange on Monday.
