For the quarter ended 31 December 2012, Total Income from Operations stood at Rs. 5.20 crores (Rs. 4.35 crores), while Profit from Operations before other income and exceptional item stood at Rs. 1.00 crores (Rs. 0.94 crores). For the nine month period ended 31 December 2012, Total Income from Operations grew by 35 per cent to Rs. 13.82 crores; Net Profit from Operations grew by 31 per cent to Rs. 1.57 crores and Net Profit after Tax including the income from exceptional items stood at Rs. 16.50 crores.
Commenting on the results, Navin Suchanti, CEO and Managing Director, said, “Sinclairs will continue to look at unlocking values from its centrally located non-core real estate assets and make optimal use of the capital generated to maximise shareholder value. Currently, we are undertaking extensive upgradation of our Siliguri and Darjeeling hotel properties and will complete the exercise in this calendar year. Our Ooty property, after extensive renovation, ranks among the finest in Ooty today and we expect Siliguri and Darjeeling to achieve a similar stature post completion of the upgradation exercise. Further, two unique boutique properties in Kalimpong and Burdwan are scheduled to go on stream in the current calendar year bringing the total number of keys to nearly 500.”
Sid Yog, Managing Partner, The Xander Group Inc., that has been invested in Sinclairs since 2007, and is also a Director on the Board of Sinclairs, added, “As shareholders, we are pleased with the unlocking of value that has commenced. We believe there is substantial value to be further unlocked, even as operations register strong growth year on year with refurbished hotels coming on line and new openings planned over the next 12 months.”
