Delta Corp hits 52-week high after turnaround Q1 outcome

Delta Corp rose 5.47% to Rs 103.10 at 10:52 IST on BSE after the company reported consolidated net profit of Rs 20.08 crore in Q1 June 2016 as compared with net loss of Rs 1 crore in Q1 June 2015.

The result was announced after market hours yesterday, 1 August 2016.

Meanwhile, the S&P BSE Sensex was up 114.99 points, or 0.41%, to 28,118.11

On BSE, so far 22.81 lakh shares were traded in the counter, compared with an average daily volume of 4.03 lakh shares in the past one quarter. The stock hit a high of Rs 106.80 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 100.35 so far during the day. The stock hit a 52-week low of Rs 49 on 29 February 2016. The stock had outperformed the market over the past one month till 1 August 2016, rising 3.88% compared with 3.16% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 19.28% as against Sensex's 9.36% rise.

The small-cap company has an equity capital of Rs 23.07 crore. Face value per share is Re 1.

Delta Corp's total income rose 39.3% to Rs 114.10 crore in Q1 June 2016 over Q1 June 2015.

Delta Corp attributed the strong Q1 June 2016 results to better targeted marketing and getting on board the right customers, resulting in a stable income flow; increasing customer numbers and Goa, where the bulk of the company's operations lie, has become a year-round destination rather than seasonal. This has boosted revenues and positively impacted profitability, Delta Corp said.

Delta Corp Chairman Jaydev Mody said that the company's businesses are gaining a strong foothold. The income streams are steady and are bound to translate into greater revenue and growth in the months to come, Jaydev Mody said. The company is confident that this momentum will continue, he added.

Delta Corp is the largest and only listed company in the gaming and hospitality segment in India. It holds three of the six issued 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.

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