Business Daily from THE HINDU group of publications
Thursday, Jul 31, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 31, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate Results
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Hotels Royal Orchid net up 9% at Rs 6.76 cr Our Bureau Bangalore, July 30 Despite a marginal setback in occupancies, which has been the case across the hospitality sector, Royal Orchid Hotels Ltd has, on a consolidated basis, posted a 35 per cent increase in total income to Rs 39.22 crore for the quarter ending June 30, 2008, as compared with Rs 29.12 crore during the same period last year. The company reported a 9 per cent rise in net profit at Rs 6.76 crore for the period (Rs 6.22 crore). Mr Chender Baljee, Chairman and Managing Director, Royal Orchid Hotels, said, “We have achieved a good increase in revenue as compared to the previous quarter, despite having deployed our IPO funds for various projects. The company looks forward to an even better result next quarter, along with aggressive expansion plans of establishing hotels in Ahmedabad, Coimbatore, Hyderabad, Mumbai, Jaipur and Shimla in the coming years.” The quarter also saw the company investing its entire IPO proceeds of Rs 112. 53 crore in various projects, resulting in a dip in interest income. The projects in Ahmedabad, Jaipur and Hyderabad would be ready in the next two years, said Mr Baljee. During this quarter, the company acquired the Royal Orchid Galaxy Resorts at Utorda Beach, Goa, which is a 69-room operating resort, through a joint venture. The company, which currently operates 11 hotels in Bangalore, Mysore, Pune, Jaipur, Goa and Hyderabad, hopes to achieve a national presence by 2010, with the opening of hotels in various metros. The hotel chain will also open its first international resort in 2010 at Dar Es Salaam, Tanzania. More Stories on : Hotels
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