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ITC Hotels back in black

Calcutta, May 15: Adversities notwithstanding, ITC Hotels turned itself around in 2002-03 with a net profit of Rs 57 lakh. Last fiscal, the company had suffered a net loss of Rs 3.12 crore.

Net income from operations in 2002-03, too, increased 8.6 per cent to Rs 121.72 crore. Despite the relatively better performance, ITC Hotels will not be paying any dividend to its shareholders. There was significant improvement in performance in the fourth quarter. Net income from operations during the quarter at Rs 38.79 crore was 23 per cent higher than 2001-02.

However, the consolidated result for the year — which takes into account the performance of the company’s subsidiaries as well — is not as impressive.

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