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Rio Group of Hotels records 35% revenue jump in H1 FY17 in Goa

Press Trust of India  |  Panaji 

The UK-based Rio Group of Hotels has recorded a 35 per cent revenue growth in the first six month of this fiscal from its two properties in Goa, a top company official said today.

"The low season has been pretty good for us. The last six months have been good. We have achieved roughly 35 per cent growth in the revenue. Generally, during low seasons you don't make a profit but (we) did make it," Managing Director Anup Shah said.

The group has two properties in Arpora village of North

"I would say that if low season is good you can be assured of a good season for our new property," Shah said.

He said the group has sold 21,000 room nights during last six months through its properties as against 15,000 in the corresponding period a year ago.

"First six months have been good. We are expecting 30-35 per cent increase in room nights and revenue this season for next six months," he added.

"In terms of revenue, we did abut Rs 15.50 crore for the first six months. We are looking at Rs 30-35 crore for this season which will give us annualise turnover of 48 crore for both the properties together, up from Rs 33 crore for previous financial year," Shah said.

The hotel group had unveiled its second property - Resort Royale - in August this year.

"... We have upgraded many of our rooms at Resort Rio. The feedback for Resort Royale has been absolutely fantastic. It is a different experience. We have kept the pricing very competitive," he said.

To a question, the MD said the group is bullish in the near term on tourism business in

"That is why we are investing here. We are starting a new project in February right next to Rio Royale. But at the same time we need assistance from the government to improve infrastructure," he said.

"Tourists will like to come to if they feel safe, if infrastructure is very good, transport is easy, taxi drivers do not give them hassle," added Shah.

On group's business plans, he said profits are reinvested to create more infrastructure and the group has invested Rs 120-130 crore, so far, in the region.

"We have earmarked another Rs 50 crore investment for phase three, in addition we are launching boutique hotel in Vernem. New conventional centre at Arpora will be ready by 2018. We have plans to develop a hotel in Mapusa town," Shah added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 14 2016. 15:57 IST