Indian Hotels turns around, posts Rs 8 cr profit

Indian Hotels Company today reported profit after tax of Rs 8.12 crore for the second quarter ended September 30, 2011, over the same period previous fiscal.

The company had posted a net loss of Rs 6.30 crore in the same period last financial year, Indian Hotels Company said in a filing to the BSE.

Total income of the company stood at Rs 357.56 crore for the second quarter this fiscal, as against Rs 328.50 crore in the same period previous fiscal.

During the quarter under review, the company launched a new 327 room Vivanta by Taj hotel at Bangaluru, it said.

For the six months ended September 30, 2011, the company posted a profit after tax of Rs 29.43 crore. It had reported a net loss of Rs 2.97 crore in the same period previous fiscal.

The company said net sales for the half year ended September 30, 2011 improved by 11% over the corresponding period of the previous year, driven by improved occupancy and some improvement in average room rates during off season time for the sector.

Shares of Indian Hotels Company were trading at Rs 70.90 on the BSE in afternoon trade, up 2.24% from its previous close.