Royal Orchid Q4 loss widens

Royal Orchid Hotels Ltd’s loss has widened to Rs 24.9 crore on a consolidated basis for the fourth quarter of fiscal 2012-13 as compared with a loss of Rs 3.15 crore during the same period last year. However, the company’s income from operations for Q4 was higher by 7.9 per cent at Rs 49.28 crore compared with Rs 45.67 crore in the previous year period. EPS stood at Rs 9.15 (Rs 1.16). For the full year (2012-13), the company’s loss widened to Rs 7.74 crore compared to a loss of Rs 2.62 crore the previous fiscal. Income from operations was higher by 5.51 per cent at Rs 169.41 crore in FY 2012-13 compared with Rs 160.55 crore in 2011-12. During the year the company had applied to the Corporate Debt Restructuring (CDR) cell to restructure its existing debt obligations. The proposal has been approved and a Master Restructuring Agreement (MRA) has been executed on March 28, 2013, with an effective date of October 1, 2012, after completion of certain conditions including infusion of additional funds and pledge of equity shares by promoters.