Tata Group firm, Indian Hotels Company Ltd (IHCL), on Wednesday reported a drop of 22.62 per cent in profit after tax for the October-December quarter at Rs 64.88- crore as against a profit of Rs 83.85-crore clocked in the same period last fiscal.  |  |  |  |
The hospitality major said total income dipped 4.1 per cent to Rs 437.88-crore in Q3 FY 10 from Rs 456.62-crore in the year-ago period.
The company said the hospitality sector has shown a visible pick-up in occupancies across many major cities in India during the past quarter especially after a rather difficult first six months.
"While there are visible signs of recovery in India, many of the key international markets in which the company has a presence or from where the company's customers originate are as yet to recover," IHCL executive director-finance, Anil Goel, said in a press release.
IHCL, which owns the Taj chain, said it plans to open the Falaknuma Palace in Hyderabad before March-end.
"With the reopening of The Pierre in New York, the company is sharply focused on improving the operations of its three hotel portfolio in the US market," Goel said.
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