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Oriental Hotels Ltd reports Q1 net loss at Rs 16.83 crore

Business was expected to gradually improve across all hotels with the gradual ease in restrictions along with limited food and beverage and ancillary operations.

July 28, 2021 / 09:13 PM IST
 
 
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Oriental Hotels Ltd, an associate company of The Indian Hotels Company Ltd, has clocked a net loss at Rs 16.83 crore for the quarter ending June 30, 2021, the company said on Wednesday.

The company, which has seven hotels including the Taj Coromandel in the city, had reported a net loss at Rs 23.40 crore during corresponding quarter previous year.

Revenue for the quarter under review stood at Rs 25.40 crore as against Rs 7.55 crore registered in the same quarter last fiscal.

On the impact of COVID-19 second wave, the company said business has been impacted during the quarter and a 'few of the hotels had limited operations in line with the lockdown restrictions imposed by respective state governments'.

"The company witnessed softer revenues due to the lockdown imposed in this quarter wherein hotels were not allowed to operate restaurants for dine-in facilities and ancillary facilities such as bar, swimming pool," it said.

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Business was expected to gradually improve across all hotels with the gradual ease in restrictions along with limited food and beverage and ancillary operations.

Commenting on the financial performance, Oriental Hotels Ltd, MD, Pramod Ranjan said, "the second wave of COVID-19 has taken a significant toll on the travel and hospitality sector."

"The company witnessed some green shoots of recovery through both corporate and leisure business. This has resulted in 236 percent increase in revenue and 44 percent increase in EBITDA over that in Q1FY 20/21," Ranjan

said.

Oriental Hotels Ltd has seven hotels-- Taj Coromandel, Taj Fisherman's Cove Resort and Spa Chenna, Taj Malabar Resort and Spa, Cochin, Vivanta Coimbatore, The Gateway Hotel Pasumalai Madurai, The Gateway Hotel Old Port Road Mangalore and Gateway Coonoor, the released added.
PTI
first published: Jul 28, 2021 09:13 pm

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