Wednesday, Oct 15, 2003
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By Our Special Correspondent
The net profit was Rs. 7.24 crores for the first six months of the current fiscal against Rs. 3.67 crores in the comparable period in the previous year. In the second quarter of 2003-04 the company reported an 18 per cent increase in operating revenues at Rs. 137 crores against Rs. 116 crores in the corresponding period last year. Turnover was up 14 per cent after including other income. "During the last two years, while the hospitality industry witnessed a sluggish business environment IHCL utilised this period to strengthen its position. The company repositioned its hotels through renovations and re-launches including F&B (food and beverage) outlets, accelerated its adoption of business excellence process and recruited some of the best international talent," stated a company release. Room revenues grew by 19 per cent in the second quarter over the previous year. "This was predominantly due to higher occupancies with gradually improving ARRs (average room revenue)," stated the release. "Interest costs have been reduced by Rs. 3.2 crores by a combination of currency and interest rate swaps," it added.
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