Indian Hotels Company registered a significant drop in standalone net profit for the quarter ended June 30, 2010. The company’s net profit dipped 79.7 per cent to Rs 3 crore during the quarter from Rs 16 crore in the same quarter last year.
“The quarter results are encouraging and most key markets showed an improvement in demand with growth in occupancies. The company will focus on managing cost, liquidity and simultaneously speeding up completion of projects under implementation,” said Raymond Bickson, MD, IHC.
Net sales rose 25.3 per cent to Rs 329 crore during the quarter from Rs 335 crore in the year-ago period.