Sterling Holiday Resorts (India) Limited has announced its results for the quarter ending December 2011. The quarterly total operating income of the company was reported at Rs 18.06 crores, as compared to Rs 12.19 crores for the same period last year, representing a 48 per cent growth in revenues. In addition, total income from sales of vacation ownership plans was Rs 9.35 crores, as against Rs 3.47 crores for the same period last year – an increase of 169 per cent. The company’s sales operations has been expanding rapidly, adding Mumbai, Delhi, Chandigarh and Lucknow in Q3 alone. The Company plans to continue its market expansion by opening up more sales territories.
Commenting on the results, Ramesh Ramanathan, Managing Director, Sterling Holidays Resorts (India) Limited said, “The Q3 vacation ownership sales has shown encouraging results in all new markets and existing locations. The growth in vacation ownership is a strong indicator of the continued faith in the brand as well as an outcome of the growth strategies adopted. With this momentum in growth, our investments in expanding our resorts network will continue at a rapid pace. In fact, to enhance our service offering, we are shutting down two of our resorts - Green Vistas, Munnar (Kerala) and Lake View, Kodaikanal (Tamil Nadu) – for renovation and a complete makeover. We hope to complete the renovation and open doors to welcome our guests in time for the 2012 summer season.” Q3 also saw the Company add three new resorts to its portfolio – Woods n Spice in Thekkady (Kerala), Emerald Bay in Karwar (Karnataka) and a second resort in Villagio (Goa). In addition, it is in the process of negotiating to add more resort destinations to its footprint.
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Commenting on the results, Ramesh Ramanathan, Managing Director, Sterling Holidays Resorts (India) Limited said, “The Q3 vacation ownership sales has shown encouraging results in all new markets and existing locations. The growth in vacation ownership is a strong indicator of the continued faith in the brand as well as an outcome of the growth strategies adopted. With this momentum in growth, our investments in expanding our resorts network will continue at a rapid pace. In fact, to enhance our service offering, we are shutting down two of our resorts - Green Vistas, Munnar (Kerala) and Lake View, Kodaikanal (Tamil Nadu) – for renovation and a complete makeover. We hope to complete the renovation and open doors to welcome our guests in time for the 2012 summer season.” Q3 also saw the Company add three new resorts to its portfolio – Woods n Spice in Thekkady (Kerala), Emerald Bay in Karwar (Karnataka) and a second resort in Villagio (Goa). In addition, it is in the process of negotiating to add more resort destinations to its footprint.
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