Oriental Hotels Limited Records High PAT in Q2 FY18 following an Asset Sale
The sale of The Gateway Hotel Visakhapatnam has brought down the company’s debt by INR 72 crore, thereby reducing the Debt/Equity ratio from 1.27 in March 2018 to 0.74 in September 2018.
ORIENTAL HOTELS Limited (OHL), an associate of The Indian Hotels Company Limited (IHCL) in its financial reports for FY18 second quarter ended September 30, 2018 mentioned that the operating profit of the company was positive in spite of severe floods in Kerala and the ongoing renovations at Taj Coromandel and Taj Fisherman’s Cove Resort & Spa in Chennai.
A release issued here further read, the sale of The Gateway Hotel Visakhapatnam has brought down the company’s debt by INR 72 crore, thereby reducing the Debt/Equity ratio from 1.27 in March 2018 to 0.74 in September 2018.
Speaking about OHL’s performance, Pramod Ranjan, MD & CEO, Oriental Hotels Ltd said, “The Company’s performance has been good this quarter and is in alignment with our business strategy and Aspiration 2022. We are working towards unlocking higher value from efficiencies through a three-pronged strategy of restructuring, reengineering and reimagining our portfolio.”
OHL has eight hotels – Taj Coromandel, Chennai; Taj Fisherman’s Cove Resort & Spa, Chennai; Taj Malabar Resort & Spa, Cochin; Vivanta Trivandrum; Vivanta Surya, Coimbatore; The Gateway Hotel Pasumalai Madurai; The Gateway Hotel Old Port Road Mangalore and The Gateway Hotel Church Road Coonoor.
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