Oriental Hotels books Rs 10.92 crore net in Q2, lease of Kochi property extended

Oriental Hotels Ltd on Monday said it has received the approval for the renewal of its long-term lease for Taj Malabar Resort & Spa in Kerala's Kochi.

Announcing the results for the second quarter of FY23, the company also said that the Cochin Port Trust has approved the renewal of the long-term lease for Taj Malabar Resort & Spa for a period of 30 years, beginning September 22, 2022.

The Oriental Hotels closed the second quarter with a revenue of Rs 91.06 crore (against Rs 53 crore Q2 FY22) and a net profit of Rs 10.92 crore (loss of Rs 4.97 crore).

"Business continues to be buoyant driven by the resurgence in travel, leading to hotels having outperformed in both, leisure and business segments. Overall occupancy and ARR (average room rate) have exceeded pre-Covid levels," Managing Director & CEO said Pramod Ranjan said.

The Oriental Hotels - an associate company of The Indian Hotels Company Ltd - has seven hotels - Taj Coromandel, Chennai, Taj Fisherman's Cove Resort & Spa, Chennai, Taj Malabar Resort & Spa, Vivanta, Coimbatore, The Gateway Hotel, Pasumalai, Madurai, The Gateway Hotel, Old Port Road, Mangalore and The Gateway, Coonoor. - IANS