Taj GVK net up 54%

Taj GVK Hotels and Resorts Limited posted a 54 per cent increase in net profit to Rs 12.17 crore for the quarter ended March 31, 2010, from Rs 7.9 crore during the same period last year. Revenues during the quarter stood at Rs 63.34 crore, up 11.23 per cent from Rs 56.94 crore last year.

For the full year 2009-10, net profit was at Rs 36.26 crore, down 31.27 per cent from Rs 52.76 crore last year. Revenues were at Rs 229.25 crore, down 3.76 per cent from Rs 238.21 crore.

The company said its hotels at Hyderabad and Chandigarh achieved occupancy levels of around 65 per cent and the new hotel -Taj Mount Road - at Chennai touched 44 per cent. It has plans to enter the value for money segment through the ‘Ginger’ brand in Andhra Pradesh and Bangalore.

 

Work on the new five-star hotel project at Begumpet here is on schedule. The project with 189 rooms is expected to be operational by 2011. The company is also building an additional car parking facility at the hotel.

The second half of 2009-10 has seen a reversal of the negative trend in the hotel industry demand due to improvement in business sentiment and business travel. The company with its properties in key metros would benefit from the improved global tourism scenario.