Vacation Ownership & Leisure Hospitality company, Sterling Holiday Resorts (India) Limited (STERLINH) has reported a loss of INR 11.71 crores for the quarter ending September 2011.
However, the quarterly Total Operating Income of the Company reported a growth of 51 percent in revenues at INR 10.75 crores compared to INR 7.10 crores for the same period last year.
“The Q2 results indicate the continuing resurgence of Sterling Holidays, as evidenced by the 51 percent topline growth. We are currently investing in upgrading our existing resorts and in expanding into more holiday destinations,” Sterling Holidays Managing Director Ramesh Ramanathan said.
He said the company is also building highly skilled and experienced team in all key functions and increasing its sales footprint. “We are confident that these investments will lead to rapid growth in the time to come,” he added.The net loss has been attributed to the company's rapid expansion plans in the country. STERLINH has been expanding added three new resorts - Thekkady in Kerala, Karwar in Karnataka and opened a second resort in Goa (Villagio Inn) - in Q2.
With the additions of these resorts, the company now has 17 resorts and it is in the process of negotiating to open up more destinations in its footprint. Shares of the company were trading at Rs 104.90, up 1.40 percent on the BSE.The Company reported a loss of INR 11.71 crores for the quarter as it continues to invest in adding new resorts to its portfolio. The Company has been expanding rapidly, adding 3 new resorts in Q2 alone. The Company added 2 new destinations – Thekkady and Karwar - to its resort network, and opened a second resort in Goa (Villagio Inn).
With the additions of these resorts, the Company now has 17 resorts. The Company is also in the process of negotiating to open up more destinations in its footprint.
“The Q2 results indicate the continuing resurgence of Sterling Holidays, as evidenced by the 51 percent topline growth. We are currently investing in upgrading our existing resorts and in expanding into more holiday destinations,” Sterling Holidays Managing Director Ramesh Ramanathan said.
He said the company is also building highly skilled and experienced team in all key functions and increasing its sales footprint. “We are confident that these investments will lead to rapid growth in the time to come,” he added.The net loss has been attributed to the company's rapid expansion plans in the country. STERLINH has been expanding added three new resorts - Thekkady in Kerala, Karwar in Karnataka and opened a second resort in Goa (Villagio Inn) - in Q2.
With the additions of these resorts, the company now has 17 resorts and it is in the process of negotiating to open up more destinations in its footprint. Shares of the company were trading at Rs 104.90, up 1.40 percent on the BSE.The Company reported a loss of INR 11.71 crores for the quarter as it continues to invest in adding new resorts to its portfolio. The Company has been expanding rapidly, adding 3 new resorts in Q2 alone. The Company added 2 new destinations – Thekkady and Karwar - to its resort network, and opened a second resort in Goa (Villagio Inn).
With the additions of these resorts, the Company now has 17 resorts. The Company is also in the process of negotiating to open up more destinations in its footprint.