Oriental Hotels net loss widens as Covid-19 hits operations

PTI Chennai | Updated on July 29, 2020 Published on July 29, 2020

Hospitality service provider Oriental Hotels Ltd has recorded a net loss for the quarter ending June 30,2020 at ₹23.40 crore due to Covid-19 enforced lockdown, the company said on Wednesday.

The company, which manages various hotels in Tamil Nadu and Kerala, recorded a net loss of ₹5.73 crore during corresponding quarter previous year.

For the year ended March 31, 2020, net loss stood at ₹3.79 crore.

Total revenue from operations for the quarter was at ₹7.55 crore as against ₹68.44 crore recorded in the same quarter last fiscal.

The company had registered a total income of ₹301.34 crore for the year ended March 31, 2020.

Oriental Hotels Ltd managing director Pramod Ranjan said the business was severely impacted during the quarter on account of Covid-19 and the consequent lockdown.

“However, during the quarter, the company launched Hospitality@Home, a food and beverage initiative which resulted in some revenues,” he said.

Noting that the state government implemented an intense lockdown in Tamil Nadu till July 6 in Chennai and neighbourhood districts, the firm said it was currently operating a few hotels.

Oriental Hotels Ltd is an associate company of The Indian Hotels Company Ltd.

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Published on July 29, 2020
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