Fiscal first quarter 2009 highlights
-- Total revenue increased 52% year-over-year to $10.5 million.
-- EBITDA increased 46% year-over-year to $1.9 million.
-- IHC's Board appointed Ravi Deol as Chairman and Chief Executive Officer of Mars Restaurants
Fiscal First Quarter 2009 Preliminary Results
For the fiscal quarter ended June 30, 2008, India Hospitality reported unaudited revenue of $10.5 million -- a 52% increase from the prior-year period. Top line growth was boosted by an approximate 65% increase in revenue from IHC's SkyGourmet division to $8.7 million, aided by increased demand for meals, as well as the opening of a new kitchen during calendar 2008 and a significant increase in capacity at the company's Delhi Air Catering Unit at the end of the prior fiscal year. Total meals served for the fiscal first quarter 2009 increased 57%.
Revenue at Mars Restaurants increased to $2.7 million, an 11% improvement over the prior-year period. The results at Mars were driven by a 17% increase in average room revenue (ARR) at the Gordon House Hotels and restaurant same-store sales increases of 7%. No new outlets were opened or closed during the quarter.
Total combined adjusted EBITDA for India Hospitality for fiscal first quarter 2009 was $1.9 million compared to $1.3 million in the prior-year period, a 46% increase. Margins expanded at both Mars Restaurants and SkyGourmet; however, consolidated margins decreased as a result of IHC parent company operating costs which began to be accounted for in July 2007 and were thus not a factor in prior-year results.
(C) Centre for Asia Pacific Aviation