Shares of Oriental Hotels fell 3.6% to Rs 88.65 as of 10:20 a.m. following a string of dismal first quarter results.
On July 20, Oriental Hotels announced a 10% increase in annual net profit to Rs 12.2 crore in the April-June quarter. The company’s total revenue also increased 6% to Rs 96.79 crore in the first quarter of fiscal year 2024 year-on-year. However, earnings before income tax amortization and amortization (EBITDA) remained unchanged at Rs 26.83 crore for the same period.
Shares are up 24% since January 1. Pramod Ranjan, CEO and CEO of Oriental Hotels, said: “With demand momentum, the first quarter saw good revenue growth driven by RevPAR’s leadership in all of our key markets. He added that in the current quarter, the company has begun to improve the products in its portfolio, including a complete repositioning of the Taj Malabar Resort and Spa in Cochin.
Oriental Hotels has seven hotels: Taj Coromandel, Taj Fisherman’s Cove Resort and Spa, Taj Malabar Resort and Spa, Vivanta Coimbatore, Vivanta Mangalore, The Gateway Hotel and Gateway Coonoor.
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