MUMBAI: Oriental Hotels, an associate of Tata group firm Indian Hotels Company (IHCL) Thursday said it has posted standalone net loss of Rs 0.52 crore in the fourth quarter ending March 31, 2019.
It had posted a net profit of Rs 5.75 crore in the corresponding quarter, last fiscal.
Revenue during the quarter under review stood lower at Rs 96.06 crore as against Rs 102.45 crore in the same period last year.
It posted a standalone net profit of Rs 89.44 crore for the fiscal year ending March 31, 2019, compared to Rs 6 crore in the previous year.
However, revenue during FY 19 declined to Rs 356.72 crore from Rs 368.88 crore last year.
"In line with IHCL business strategy aspiration 2022 of liquidating noncore assets, we sold The Gateway Hotel Vizag. The company managed to achieve an EBITDA margin of 17.3 percent in the current year as compared to 18.2 percent in the previous year despite the fall in revenue due to renovations at Taj Coromandel and Taj Fisherman's Cove and business interruption in Kerala hotels on account of Nipah virus and floods," Oriental Hotels managing director and CEO Pramod Ranjan said.
Oriental Hotels, an associate company of IHCL, has seven hotels - Taj Coromandel, Chennai; Taj Fishermans Cove Resort & Spa, Chennai; Taj Malabar Resort & Spa, Cochin; Vivanta Surya, Coimbatore; The Gateway Hotel Pasumalai Madurai; The Gateway Hotel Old Port Road Mangalore and The Gateway Hotel Church Road Coonoor.
Oriental Hotels shares settled at Rs 46.55 on the BSE, up 1.09 percent from the previous close.