Panoramic Universal Q3 PAT grows 3,163 pc

New Delhi, Jan 23 (UNI) Panoramic Universal Ltd today reported a 3,162.96 per cent increase in its net profit at Rs 9.67 crore for the third quarter ended December 2006 as against Rs 29.65 lakh during the corresponding quarter previous year.

During the quarter, the company registered a turnover of Rs 32.43 crore, up by 71.73 per cent in comparison to Rs 18.88 crore during the corresponding quarter last year.

The company's net sales for the nine months ended December 2006 stood at Rs 98.07 crore as against Rs 53.23 crore for the same quarter last year.

''Our strategic engagement of the US travel trade has paid rich dividends in this quarter. We are all set to broaden our horizons with our foray into realty,'' company Chairman Sudhir Moravekar said.

The company has drawn out an extensive plan for investments in the global hospitality industry and plan to buy two hotels in the US by March this year, Mr Moravekar added.

The company plans to build two five star hotels in Pune and Goa.

The group has acquired land in Pune and are in advanced negotiations for land in Goa.

It also plans a hotel each in Kerala, Rajasthan and Shimla.

The group has launched two projects in Thane and Durgapur. A budget hotel of 150 rooms is planned in Pune and is expected to be operational by 2008-09.

The total investment planned for the group's foray in the hospitality sector is pegged at Rs 1,000 crore spread over the next three years.

UNI