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Vacation ownership and leisure hospitality company Sterling Holiday Resorts (India) Ltd has reported a net loss of Rs 93 lakh as against a loss of Rs 5 crore in the comparable quarter the previous year.
However, the company’s income from sales of vacation ownership plans went up to Rs 16 crore during the quarter from Rs 4.5 crore the previous year. Total operating income was at Rs 28 crore (Rs 15 crore).
Commenting on the results, Mr Siddharth Mehta, Chairman of the company, said the top-line growth is an indication that the Sterling brand is steadily regaining the confidence of customers, “a goal we had set when we embarked on the journey of restoring the Company’s fortunes”. The growth was attributed primarily to “enhanced product and service standards” at the resorts.
During the quarter, the Company firmed up its plans to expand its network by adding resorts in Daman, Ganpatipule (Maharashtra), Ranikhet (Uttarakhand), Sariska (Rajasthan) and Yelagiri (Tamil Nadu).
According to Mr Ramesh Ramanathan, Managing Director, Sterling Holidays, the above expansion will increase its room inventory by 247, taking the total to 1,629 rooms.
Besides, the Company is also accelerating plans to make significant investments in upgrading and renovating existing resorts.
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