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Orient Hotels reports Q3 net profit at Rs 7.4 crore

Orient Hotels has reported a consolidated net profit in its third quarter ending on December 31, 2021, of a total Rs. 7.4 crore.

Orient Hotels reports Q3 net profit at Rs 7.4 crore
profits

Oriental Hotels Ltd on Monday reported a consolidated net profit of Rs 7.4 crore in the third quarter ended December 31, 2021.

The company had posted a consolidated net loss of Rs 7.62 crore in the same period last fiscal, Oriental Hotels Ltd said in a regulatory filing.

Consolidated revenue from operations was at Rs 76.3 crore in the third quarter as against Rs 43.02 crore in the year-ago period, it added.

Total expenses were higher at Rs 68.95 crore as compared to Rs 54.26 crore in the same quarter last fiscal.

The business has been impacted during the nine-month period ended December 31, 2021 on account of COVID-19 and during the first three months of the year, it witnessed softer revenues due to the second wave of the pandemic and subsequent lockdowns at several locations, the company said.

"However, during the second and the current quarter of the year, the group witnessed positive and sharp recovery of demand, especially in leisure destinations," it added.

The beginning of the fourth quarter has started with the third wave of COVID-19 and the group is closely monitoring the situation, the company said.

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