Oriental Hotels Ltd., an associate firm of The Indian Hotels Company, is witnessing a growth in demand in leisure and a gradual increase in corporate business segments, according to a top company executive.
Announcing standalone financial results for the quarter ended December 31, it said net loss stood at ₹7.63 crore as against a net profit of ₹4.65 crore seen a year earlier.
Revenue dipped to ₹43.53 crore from ₹85.09 crore. “All our hotels resumed operations in a staggered manner after the lockdown was eased. We are witnessing a growth in demand especially in the leisure segment and a gradual pick up of corporate business,” company MD Pramod Ranjan said.
‘Spending deferred’
Occupancy levels at the hotels were increasing ‘month-on-month’, he said in a statement. During the COVID-19 enforced lockdown, the company undertook a series of measures to ensure adequate liquidity and cost optimisation. Cash conservation measures have included deferral of discretionary spending and capital expenditure unless absolutely required, he said.
“We expect a recovery in business to be driven by domestic leisure and business tourism and limited international travel. We do not expect any significant challenge to our supply chain,” he added.
