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Higher levels of occupancy at TAJGVK Hotels & Resorts Ltd has boosted the company's net profit in the third quarter ended December 31, 2010, by 6 per cent to Rs 12.92 crore, as against Rs 12.20 crore in the corresponding period last year.
The income from operations for the third quarter registered 9 per cent growth at Rs. 70.24 crore up from Rs. 64.35 crore for the corresponding quarter last year.
Occupancy levels
According to a statement from Ms G. Indira Krishna Reddy, Managing Director, TAJGVK Hotels, the company's properties at Chandigarh and Chennai clocked improved levels of occupancy at 77 per cent and 65 per cent, respectively, and occupancy at its Hyderabad hotels were stable at 5 per cent during the third quarter.
While the company's new property at Hyderabad, coming up with an outlay of Rs 94 crore and having 189 rooms, is likely to be operational during the year, the Rs 75-crore expansion at Taj Krishna has commenced.
The company has commenced works on a Ginger hotels project near the Hyderabad international airport and plans to take up some more projects, including one at Bangalore.
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