The Telegraph
Since 1st March, 1999
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Indian Hotels net profit jumps 86%

Calcutta, July 28: The Indian Hotels Company— the firm that owns and manages the Taj chain of hotels — reported a 86 per cent jump in net profit in the quarter that ended June 30 on the back of a near 17 per cent rise in income. The company’s net profit during the quarter shot up to Rs 3.76 crore compared with Rs 2.02 crore in the corresponding period of last year. Indian Hotels earned Rs 137.66 crore in the quarter (Rs 117.77 crore last year).

Managing director Raymond Bickson said: “The hotel industry is showing an improving trend. We are pleased with our performance in the quarter.”

A release from the company said occupancy rates increased to 60 per cent from 52 per cent a year ago, and earnings from sale of food and beverages had gone up 14 per cent over the same period last year.

“The company leveraged increased business interest (in India) with its continued thrust on the domestic market by aggressive sales and marketing initiatives,” the release added.

The board today decided to sell a property on the Mumbai-Goa highway — Gateway Riverview Lodge — for a consideration of Rs 3.45 crore to Chiplun Hotel Pvt. Ltd.

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