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Oriental Hotels, an associate of Tata group firm Indian Hotels Company (IHCL) on Thursday said it has posted standalone net loss of ₹ 0.52 crore in the fourth quarter ending March 31, 2019. It had posted a net profit of ₹ 5.75 crore in the corresponding quarter, last fiscal.
The company’s revenue during the quarter stood lower at ₹ 96.06 crore as against ₹ 102.45 crore in the same period last year.
It posted a standalone net profit of ₹ 89.44 crore for the fiscal year ending March 31, 2019, compared to ₹ 6 crore in the previous year.
However, revenue during FY’19 declined to ₹ 356.72 crore from ₹ 368.88 crore last year.
“In line with IHCL business strategy aspiration 2022 of liquidating non-core assets, we sold The Gateway Hotel Vizag.
The company managed to achieve an EBITDA margin of 17.3 per cent in the current year as compared to 18.2 per cent in the previous year despite the fall in revenue due to renovations at Taj Coromandel and Taj Fisherman’s Cove and business interruption in Kerala hotels on account of Nipah virus and floods,” Oriental Hotels managing director and CEO Pramod Ranjan said.
Oriental Hotels, an associate company of IHCL, has seven hotels - Taj Coromandel, Chennai; Taj Fishermans Cove Resort & Spa, Chennai; Taj Malabar Resort & Spa, Cochin; Vivanta Surya, Coimbatore; The Gateway Hotel Pasumalai Madurai; The Gateway Hotel Old Port Road Mangalore and The Gateway Hotel Church Road Coonoor.
Oriental Hotels shares settled at ₹ 46.55 on the BSE, up 1.09 per cent from the previous close.
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