Oriental Hotels Ltd, part of the Taj Group, on Friday announced a consolidated net profit of Rs 1.38 crore for the fourth quarter ended March 31, 2022. The company had recorded a consolidated net loss of Rs 4.66 crore during the same one-year period. ago, Oriental Hotels Ltd said in a regulatory filing.
Consolidated revenue from operations stood at Rs 66.08 crore in the quarter under review compared to Rs 52.76 crore a year ago, it added. Total expenditure in the fourth quarter was higher at Rs 66.40 crore compared to Rs 60.93 crore in the corresponding period of the previous fiscal year, the company said.
For the financial year ended March 31, 2022, Oriental Hotels said its consolidated net loss narrowed to Rs 12.84 crore. The consolidated net loss in FY21 was Rs 53.58 crore, according to the filing. Consolidated revenue from operations during the year was Rs 219.40 crore compared to Rs 115.88 crore in FY21, the company added.
“The business was affected during the year due to COVID-19. During the first three months of the year, the group recorded a decline in revenues due to the second wave of COVID-19 and resulting closures in several locations,” Oriental Hotels said. . Additionally, there was a third wave in January 2022, resulting in restrictions in some locations, which negatively impacted revenues.
“However, with the increase in vaccinations and the consequent reduction in the number of cases and the easing of all restrictions, the group has seen an upturn in the leisure and business segments in all other months,” the company said. society.
Oriental Hotels said its 30-year long-term lease with Cochin Port Trust for ‘Taj Malabar Resort & Spa’ expired on March 31, 2022. It intends to participate in the new tender for the premises for which Cochin Port Trust is ongoing. tender.
“In the meantime, Cochin Port Trust has allowed the company to continue operations at the premises until the completion of the bidding process under the same terms and conditions,” the company said, adding that the Port Trust also notified that Oriental Hotels Ltd had the ‘first right of refusal’ right to match the highest bid value.