Oriental Hotels Ltd., part of Taj Group, on Friday reported £1.38 billion of consolidated net profit for the fourth quarter ended March 31, 2022.
The company had reported a consolidated net loss of ₹4.66 billion in the same period last year, Oriental Hotels Ltd. said. in an application for approval.
Consolidated operating revenue for the quarter was £66.08m compared to £52.76m in the same period last year, he added.
Total spend for the fourth quarter was £66.40 million, up from £60.93 million for the corresponding period the previous financial year, the company said.
For the year ended 31 March 2022, Oriental Hotels announced that its consolidated net loss narrowed to £12.84 million. The consolidated net loss for FY21 was £53.58 million, the filing said.
Consolidated operating income for the year was £219.40m compared to £115.88m in FY21, the company added.
“Business was impacted during the year due to COVID-19. In the first three months of the year, the group saw reduced revenue due to the second wave of COVID-19 and the resulting lockdown at several locations,” Oriental Hotels said.
Also, there was a third wave in January 2022, which resulted in restrictions at some locations that negatively impacted revenue.
“However, with increasing vaccinations and the consequent reduction in case numbers and the easing of all restrictions, the group has seen a recovery in both the leisure and business segments in all other months,” the company said.
Oriental Hotels announced that its 30-year long-term lease with Cochin Port Trust for the “Taj Malabar Resort & Spa” expired on March 31, 2022. It intends to participate in the new tender for the premise for which Cochin Port Trust is in the process of tendering.
“Meanwhile, Cochin Port Trust has allowed the company to continue operations at the site on the same terms pending the completion of the tender process,” the company said, adding that the Port Trust has also advised that Oriental Hotels Ltd has ‘right of first refusal’ legally equal to the highest bid value.
