MUMBAI, INDIA (January 26, 2015) — Sterling Holiday Resorts (India) Limited, Indian Leisure Hospitality and Vacation Ownership Company, on Friday, announced its results for the quarter ending December 31, 2014.
The quarterly Total Operating Income of the Company was reported as INR 497.1 million, as compared to INR 384 million for the same period of the previous fiscal, representing a 29% growth.
The Company declared Profit After Tax of INR 8.2 million, as against a loss of INR 17.4 million in the corresponding quarter of the previous fiscal. Income from Sale of Vacation Ownership plans grew by 62.5% from INR 155 million to INR 252 million.
Income from Resort Operations grew by 12.3% from INR 144.4 million to INR 162.2 million. Occupancy increased from 52% to 56% in a quarter that traditionally sees only pockets of demand during the festival weeks of Diwali and Christmas/New Year.
Year-to-Date, Total Operating Income of the Company rose to INR 1380.3 million, an increase of 30% as compared to the same period last year.
Sales Income from Vacation Ownership plans year-to-date stands at INR 654.4 million, as compared to INR 425.4 million, a growth of 54%. Income from Resort Operations has increased by 17%, increasing from INR 421.3 million of the same period last year to INR 493.1 million in FY15. Year-to-date EBITDA stands at INR 104.6 million, as compared to a positive EBITDA of INR 20.5 million for the same period last year.
Commenting on the Company performance, Ramesh Ramanathan, Managing Director, Sterling Holidays said, “These are exciting times for Sterling. The sustained growth of all our business verticals reflects a healthy trend that we are progressing in the right direction. The government placing tourism center stage in its plans to grow the Indian economy is also good news for Sterling. At the recently held Vibrant Gujarat Summit, we have signed a MOU to develop 5 resorts across Gujarat in Beach, Hill, Jungle, Nature and Heritage destinations. With a fast expanding pan India resort network and multiple holiday product offerings, Sterling is in a unique position to grow rapidly into India’s leading holiday company.”
SOURCE: Sterling Holiday Resorts