Indian Hotels Company Limited (IHCL) reported a turnover of Rs 556 crore for the quarter ended March 31, 2013, which was marginally lower than the turnover registered for the corresponding quarter of the preceding year. IHCL’s full year stand-alone turnover of Rs 1876 improved over the previous year by four per cent. The consolidated Profit after Tax prior to extraordinary expenditure was a loss of Rs seven crore as against a profit of Rs three crore for the preceding year, as per a release.
Commenting on the results, Raymond Bickson, IHCL Managing Director, said, “The hospitality sector was facing unprecedented challenges on account of sluggishness in the domestic economy, influx of new supply of rooms in the market that were commissioned during the boom cycle as also due to the weak economic environment on the USA/Europe which are key source markets for the high end hotels in India.”