Companies

Oriental Hotels reports net loss of Rs 17.70 crore in Q2

PTI Chennai | Updated on October 23, 2020 Published on October 23, 2020

Hospitality service provider Oriental Hotels Ltd has said it has reported standalone net loss of Rs 17.71 crore during the quarter ended September 30, 2020.

It recorded standalone net loss at Rs 2.53 crore during the corresponding quarter last year, a statement said on Friday.

The net loss for the half-year ended September 30, 2020 stood at Rs 41.11 crore against Rs 8.26 crore in the same quarter last fiscal.

For the year ended March 31, 2020, the net loss was Rs 3.79 crore.

The total standalone income for July-September quarter stood at Rs 17.93 crore against Rs 75.61 crore registered a year ago.

For the half-year ended September 30, 2020, the standalone total income was at Rs 25.48 crore against Rs 144.05 crore registered in the same period last fiscal.

The income on a standalone basis for the year ended March 31, 2020, was Rs 301.34 crore.

The statement said business was severely affected during the quarter ended June 30, 2020 due to the COVID-19 induced lockdown.

However, the quarter ened September 30, 2020, saw all the company’s units commencing operations and occupancy rate increasing.

During the period, the company said it launched ’Hospitality@Home’ wherein the company brings Tajness to home with warmth, trust and care.

The company also listed select restaurants in a few of its hotels under the ‘Qmin App’ launched by Indian Hotels Company Ltd to provide premium food ordered from home to its clientele.

“The company expects to have increased revenue through these measures,” the statement said.

The management has secured additional financing for the next 12 months and along with improved revenues expected on resumption of operations across all units, the statement added.

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

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Published on October 23, 2020
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