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Shashi Ashiwal

Footprint in China: Mr Liu Longjiang (right), President, Beijing Qi International Investment Co. Ltd, and Mr Raymond Bickson, MD & CEO, The Indian Hotels Company Ltd, at a press conference in Mumbai on Friday. —

Our Bureau

Mumbai July 25 Indian Hotels Co, which owns the luxury Taj chain of hotels, has notched up a nearly 12 per cent increase in net profit for the quarter ended June 30, 2008, mostly driven by high room rates.

IHC, part of the salt-to-software Tata Group, reported a net profit of Rs 61.27 crore, as against Rs 54.76 crore in the same period of last fiscal.

During the quarter, the company’s income increased by about 14 per cent to touch Rs 398 crore (Rs 349 crore).

Mr Anil Goel, Chief Finance Officer of the company, said some markets registered a softening in prices. “But this being an off season, it is not much to worry about,” he pointed out.

Mr. Raymond Bickson, Managing Director, said the economic slowdown, both globally and in India, was a cause for concern for the hospitality sector.

Meanwhile, IHC signed a management contract for two properties in China, marking its foray in the Chinese market. The contract was signed between Taj International Hong Kong Ltd, a subsidiary of IHC, and Cuiting Hot Spring Management, a subsidiary of Zhong Qi International Investment Co.

The two properties are the Temple of Heaven property in Beijing and the Hainan hotel project. The Temple of Heaven project, which involves a total of 106 rooms, will be taken up in two phases — the first phase (46 rooms) will be completed within six to seven months and opened by March 2009 and the second phase (60 rooms) will be taken up after the first phase.

The second property involves 500 rooms and 40 villas that will come up in 60 acre of land in Hainan island — it will be opened in three years time.

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