Sterling Holiday Resorts, India’s leading Vacation Ownership & Leisure Hospitality company, today, announced its results for the quarter ending September 2011.
The quarterly Total Operating Income of the Company was reported as INR 107.5mn, as compared to INR 71mn for the same period last year, representing a 51% growth in revenues. The Company reported a loss of INR 117.1mn for the quarter as it continues to invest in adding new resorts to its portfolio.
The Company has been expanding rapidly, adding 3 new resorts in Q2 alone. The Company added 2 new destinations – Thekkady and Karwar – to its resort network, and opened a second resort in Goa (Villagio Inn). With the additions of these resorts, the Company now has 17 resorts. The Company is also in the process of negotiating to open up more destinations in its footprint.
Commenting on the results, Ramesh Ramanathan, Managing Director, Sterling Holidays said “The Q2 results indicate the continuing resurgence of Sterling Holidays, as evidenced by the 51% topline growth. We are currently investing in upgrading our existing resorts and in expanding into more holiday destinations. We are also building a highly skilled and experienced team in all key functions and increasing our sales footprint. We are confident that these investments will lead to rapid growth in the time to come.”