Royal Orchid Hotels has announced that its profits have gone up by over 1,653 per cent to Rs 26.3 crore due to sale of property. The company's turnover was up by 10.7 per cent to 23.8 crore.
In a filing with the BSE, the company released unaudited figures for the quarter ended June 30, 2012, and said that it gained Rs 27.6 crore from sale of long-term investments.
In April this year, Royal Orchid had sold its property in Ahmedabad for Rs 67 crore. The company in the filing said that the Ahmedabad property had registered profits of Rs 0.35 crore against a turnover of Rs 13.1 crore for the year ended March 31, 2012.