IHC Q3 turnover at Rs 412.33 cr

Mumbai, Jan 23 (UNI) The Indian Hotel Company (IHC) has reported a turnover of Rs 412.33 crore for the third quarter ended December 31, 2006 -- a 26 per cent increase over the previous corresponding quarter.

For the nine-month period ended December 31, 2006, the turnover was Rs 975.60 crores, a 28 per cent increase over the previous corresponding period.

The IHC managing director, Mr Raymond Bickson, while announcing the Q3 results here today at the Taj Palace, said the gross profit earned by the company for Q3 was at Rs 318.34 crore, a 43 per cent increase over the previous corresponding quarter.

Meanwhile, Mr Bickson informed that IHC has won the bid for the Rail Yatri Niwas located in New Delhi for a period of fifteen years.

Enumerating the initiatives of the group during the third quarter, Mr Bickson said has launched Ginger hotel at Pune, signed a license agreement for a new five-star hotel being built at Bangalore, and executed a management contract for a proposed hotel at Panjim in Goa.

Niel P Goel, chief finance officer, informed that the company has commissioned its first wildlife resorts at Mahua Kothi in the Bandhavgarh National Park and at Perch in Madhya Pradesh.

The Management has decided to exit control from Dennis Island Seychelles, Sohar beach, Oman and Taj Sheeba, Saan'a in view of its plans for international expansion, growth and acquisitions.

Mr Goel said the group has managed to stabilize its returns on the newly acquired Taj Boston hotel located in Boston, formerly known as the Ritz Carlton, and has plans for further acquisition to expand its brand and international status.

The group, he said, has invested Rs 18 crore in Amalgam Foods Limited of Kochi and will control the firm by acquiring 74 per cent of its equity shares. The venture will market ready-to-eat packaged food (both vegetarian and non-vegetarian) through the ''Sumeru'' brand.

UNI