Delta Corp dips post Q3 results

The stock dipped 5% to Rs 129 on the BSE in intra-day trade.

Delta Corp has dipped 5% to Rs 129 on the BSE in intra-day trade after the company reported 69% decline in its consolidated net profit at Rs 10 crore for the third quarter ended December 31, 2016 (Q3FY17) on sequential basis. The company had posted profit of Rs 32 crore in September 2016 quarter and Rs 7 crore in December 2015 quarter.

Income from operations of the company during the quarter under review decreased 22% to Rs 104 crore in Q3FY17 against Rs 134 crore in Q2FY17. It had operational income of Rs 99 crore in the same quarter year ago.

EBITDA (earnings before interest, tax, depreciation and amortization) margin during the quarter under review declined to 30.2% from 42.2% in preceding quarter and 32.7% in a year ago quarter.

Delta Corp on January 16, 2017 said it has been issued a licence for operations of a Casino in Gangtok, Sikkim, under the Sikkim Casino (Control &Tax) Act, 2002.

The company is fully ready to commence its Casino operations and will do so immediately, it added.

Delta Corp holds three offshore gaming licences in Goa and has an integrated casino resort in Daman. The company also has three luxury hotel properties in Goa Deltin Suites, Deltin Palms and Villa Marina by Deltin.

At 11:33 am; the stock was down 3% at Rs 131 on the BSE as compared to 0.54% rise in the S&P BSE Sensex. A combined 3.57 million shares changed hands on the counter on the BSE and NSE.