Indian Hotel Company Ltd's (IHCL) Quarter Three (Q3) net profit has come down by 23 per cent to Rs 50 crore, which ended December 31, 2010 against Rs 65 crore in the same period last year. Absence of insurance towards business interruption and one─time expenditure on brand and promotional activities dragged down the net profit.
According to a report in www.thehindubusinessline.com, however, the total income of IHCL went up by 11 per cent to Rs 485 crore in the period under review against Rs 438 crore last year.
Raymond Bickson, Managing Director, IHCL said, “Industry trends globally have been quite strong. Recovery in Asia, especially India has been faster compared to other countries. In 2010, occupancies have gone back to the year 2008 levels. There has been a moderate growth in average room rates as well with leisure destinations like Goa, Agra and Kerala growing quite substantially.”