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Taj GVK Hotels and Resorts has posted a 52 per cent decline in net profit at Rs 9.28 crore for the third quarter ended December 31, 2011, as against Rs 19.56 crore it logged for corresponding quarter last year.
It cited investments on new project for decline in profit.
During the third quarter, the company's income was down 6 per cent to Rs 66.32 crore (Rs 70.24 crore).
According to a statement, the company is entitled for deduction of 100 per cent of the cost of Vivanta by Taj Begumpet hotel, under Section 35AD of the Income-Tax Act, 1961.
During nine months ended December 2011, the company's total income declined by 3 per cent to Rs 184.45 crore (Rs 190.98 crore).
MUMBAI AIRPORT Project
The company, along with Greenridge Hotels & Resorts Pvt Ltd (Greenridge is a GVK company), through its special purpose vehicle Green Woods Palaces & Resorts Pvt Ltd (Green Woods) is setting up a 5-Star deluxe luxury hotel project of 275 rooms near Terminal 1C, Santacruz, Mumbai at Mumbai International Airport, under the ‘TAJ' brand.
TAJGVK would invest Rs 110.25 crore on the project. The excavation works on the first Ginger hotel on a site located near the Hyderabad International Airport have been completed and civil work is expected to commence shortly.
The company, which formally launched Vivanta project in Hyderabad on Monday, has increased the capacity from 902 to 1,083 rooms.
The company scrip closed the day trade down 3.66 per cent at Rs 73.80.
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