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Vacation ownership and leisure hospitality company Sterling Holiday Resorts continued to remain in red and on Tuesday posted a loss of Rs 11.71 crore for the quarter ended September 30. Sterling Holiday Resorts loss stood at Rs 3.16 crore for the quarter ended September 30, 2010.
However, the total operating income for the quarter increased by 51 percent to Rs 10.75 crore in the quarter compared to Rs 7.10 crore in the corresponding period last year, the company said in a release issued here.
“The Q2 results indicate the continuing resurgence of Sterling Holidays, as evidenced by the 51 percent topline growth. We are currently investing in upgrading our existing resorts and in expanding into more holiday destinations,” Sterling Holidays Managing Director Mr Ramesh Ramanathan said.
He said the company is also building highly skilled and experienced team in all key functions and increasing its sales footprint.
“We are confident that these investments will lead to rapid growth in the time to come,” he added.
The company has been expanding rapidly, adding three new resorts - Thekkady in Kerala, Karwar in Karnataka and opened a second resort in Goa (Villagio Inn) - in Q2.
With the additions of these resorts, the company now has 17 resorts and it is in the process of negotiating to open up more destinations in its footprint.
Shares of the company were trading at Rs 104.90, up 1.40 percent on the BSE.
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