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Slowdown in hotels business impacts ITC

Special Correspondent

KOLKATA: Impacted by a decline in its hotels revenue, consequent to the economic slowdown and the terror strikes, cigarette major ITC reported a slower growth in its third quarter pre-tax profit which grew by 8.5 per cent over the same period last year.

Net turnover, at Rs. 3,833 crore, increased by 11 per cent.

“Higher paperboard and packaging revenues, scale up of the stationery and personal care businesses and superior product-mix in cigarettes combined to more than offset the impact of a sharp slowdown in the hotels business, a company statement said.

The decline in hotel revenues (by 14 per cent), the continuing impact of high commodity prices and store rentals, brand building costs and investments in distribution infrastructure combined to exert pressure on profitability during the quarter. Post-tax profit at Rs. 903 crore showed a 8.7 per cent growth.

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