TajGVK Hotels Q1 net almost flat

Hyderabad, Jul 30: TajGVK Hotels and Resorts Limited reported an increase of 3.5 per cent in its total income to Rs 58.75 crore for the first quarter of fiscal 2008-09. The profit for the corresponding period last fisal stood at Rs 56.72 crore.

A press release here said Profit after Tax (PAT) was stable at Rs 15.09 crore.The EPS for the quarter was Rs 2.41 (Rs 2.40). The company's hotels at Hyderabad achieved occupancy of 76 per cent while the Taj Chandigarh Hotel achieved occupancy of 70 per cent. On expansion plans, the company plans to spend around Rs 500 crores on various projects.

The hotel project at Chennai, 'Taj Mount Road,' is nearing completion and will be operational by August 2008. The total cost is estimated at around Rs 160 crore.

A new restaurant, restobar and 23 guest rooms would be added to the Taj Deccan in Hyderabad at a cost of Rs 25 crore.

The company also proposed to construct 43 service apartments, 7000 sq ft spa and the additional Car parking facility at the existing premises of Taj Krishna at an estimated cost of Rs 75 crore.

On the proposed five-star hotel at Begumpet, the company said the civil works were progressing as per schedule and the hotel was expected to be operational by December 2009.

The company is in process of identifying and acquiring land in Bangalore, Jaipur, Kodaikanal and Amritsar for hotel projects, the release further said.

UNI