The Indian Hotels Company : Financial Results-Year Ended March 31, 2007
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The Indian Hotels Company : Financial Results-Year Ended March 31, 2007
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Category: Asia Pacific -
This is a press release selected by our editorial committee and published online for free on 2007-06-22
YOY revenues at Rs 1619 crores up by 40% and PAT at Rs 322 crores up by 75 %
Q4 revenue of Rs 539 crores up by 45% and PAT of Rs 135 crores up by 71%
# The Company reported a turnover of Rs 1618.71 crores for the year ended March 31, 2007, and a PAT of Rs 322.39 crores, which were 40% and 75% higher than the results for the corresponding period of the preceding year.
# For the quarter ended March 31, 2007, the turnover of Rs 538.87 crores and the PAT of Rs 134.52 crores were higher than the results of the same quarter for the preceding year by 45% and 71%, respectively.
# Other Income during the quarter and the year ended March 31, 2007 included the benefits of higher dividends received, profit booked on sale of shares and foreign currency gain.
# Effective April 1, 2006, Asia Pacific Hotels Ltd, Taj Lands End Ltd, Indian Resorts Hotels Ltd, Gateway Hotels and Getaway Resorts Ltd and Kuteeram Resorts Pvt Ltd were merged with the company, the impact of which is factored into the afore mentioned results.
# With the continued strong performance of its subsidiaries, joint venture and associate companies as well, IHCL’s un-audited consolidated revenues for the year ended March 31, 2007 improved by 39% to Rs 2665.87 crores and the consolidated PAT at Rs 369.93 crores improved by 49% over the preceding year.
# The Company reported an EPS of Rs 5.35 per Re 1 share for its standalone results and an EPS of Rs 6.14 per Re 1 share on its un-audited consolidated financial results for the year ended March 31, 2007.
# During the year the Company acquired a luxury hotel in Boston, since renamed Taj Boston, for $170 million and in April, 2007 also acquired the Campton Place hotel in San Francisco, thereby consolidating its strategic presence in the key USA market.
# During the year, the Company executed Management Contracts for new Taj Residency hotels coming up in Goa, Trivandrum and Nagpur besides for also new Gateway hotels in Raipur, Jalandhar and Bangalore.
# The Company commissioned its sixth Ginger hotel during the year and has construction underway at 7 new locations at this point in time.
# The Board of Directors at its meeting held on June 19, 2007 recommended a dividend of 160% (previous year 130%) for the year 2006/07.
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