Oriental Hotels Ltd., an associate firm of The Indian Hotels Company, is witnessing a growth in demand in leisure and a gradual increase in corporate business segments, according to a top company executive.
Announcing standalone financial results for the quarter ended December 31, it said net loss stood at ₹7.63 crore as against a net profit of ₹4.65 crore seen a year earlier.
Revenue dipped to ₹43.53 crore from ₹85.09 crore. “All our hotels resumed operations in a staggered manner after the lockdown was eased. We are witnessing a growth in demand especially in the leisure segment and a gradual pick up of corporate business,” company MD Pramod Ranjan said.
‘Spending deferred’
Occupancy levels at the hotels were increasing ‘month-on-month’, he said in a statement. During the COVID-19 enforced lockdown, the company undertook a series of measures to ensure adequate liquidity and cost optimisation. Cash conservation measures have included deferral of discretionary spending and capital expenditure unless absolutely required, he said.
“We expect a recovery in business to be driven by domestic leisure and business tourism and limited international travel. We do not expect any significant challenge to our supply chain,” he added.
You have reached your limit for free articles this month.
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Personalised recommendations
A select list of articles that match your interests and tastes.
Faster pages
Move smoothly between articles as our pages load instantly.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Briefing
We brief you on the latest and most important developments, three times a day.
Support Quality Journalism.
*Our Digital Subscription plans do not currently include the e-paper, crossword and print.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath
