Sterling Holiday Resorts (India) Ltd has reported a turnaround in the quarter ended June 30, 2013. It reported a net profit of Rs 60 lakh on a total income of Rs 39.50 crore for the quarter, against a net loss of Rs 90 lakh in the comparable previous year quarter.
The significant improvement in the company’s performance is a result of the strategic initiatives over the last couple of years and the investments made in enhancing the product and service on offer to contemporary, best-in-class standards. These efforts have seen a rise in the number of Vacation Ownership members and non-members holidaying at the Company’s resorts, leading to an increase in resort occupancy to 65% from 52% in the same period last year.
“We have been working towards turning the Company’s performance around and creating a strong brand in the marketplace. I am pleased that the investments made in the last few years to substantially raise the standards of our resorts and holiday experience have begun to yield results. We continue to make investments to further enhance customer experience and strengthen the Company’s market position. We are optimistic about our future growth prospects as we navigate in the current environment to become more modern, relevant and aspire to be the market leader, ” Siddharth Mehta, Chairman, Sterling Holidays, said.
During the quarter under consideration, the company added one new resort at Yelagiri (in Tamil Nadu) – MariGold Ridge – taking the total room inventory to 1,512 across 19 resorts. The ongoing expansion in the company’s destination network and inventory would help maintain a healthy member to room ratio, providing members with more opportunities to holiday in locales and seasons of their choice, he said. The company has 15 additional sites where it plans to add new resorts in the coming years.
