INDIAN Hotels, owners of the Taj brand of hotels, on Friday reported a 77% decline in quarterly net profit at Rs 12 crore due to fall in corporate and leisure travel in the wake of global recession. The total income fell by 16% to Rs 307 crore in the September quarter while total expenditure fell by 7% to Rs 281 crore. Managing director Raymond Bickson said: “The past one year has been challenging. Whilst there are signs of a gradual recovery in India, many of the key international markets in which the company has a presence are yet to recover.” While the second quarter typically is the weakest period for the hospitality industry, the company claimed that its operating margins in this quarter improved significantly. However, the Indian Hotels stock closed 3% down at Rs 73.70 on BSE on Friday. The company is pursuing completion of its greenfield projects in Dwarka in New Delhi, coupled with its recent acquisition of a hotel in Mumbai. At present the company is not looking at global acquisitions and is looking at consolidating its domestic operations. This year, the group has added an additional 10% capacity, bringing the total room inventory to 3750 rooms.
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