Asian Hotels operating profits up 22% - Views on News from Equitymaster

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Asian Hotels operating profits up 22%

Jan 31, 2001

Asian Hotels, a single hotel company based in Delhi, has reported a net profit of Rs 97 m for the 3QFY01 a decline of 3% YoY. The company's sales grew by 7.2% during this period as a result of better occupancy and average room rates.

(Rs m) 3QFY00 3QFY01 Change
Sales 307 329 7.2%
Other Income 13 2 -82.0%
Expenditure 197 194 -1.2%
Operating Profit (EBDIT) 111 135 22.1%
Operating Profit Margin (%) 36.0% 41.0%
Interest 2 - -100.0%
Depreciation 12 15 27.8%
Profit before Tax 110 123 11.4%
Other Adjustments 0 0
Tax 10 25 148.0%
Profit after Tax/(Loss) 100 97 -2.6%
Net profit margin (%) 32.5% 29.5%
No. of Shares (eoy) (m) 22.8 22.8
Diluted number of shares 22.8 22.8
Diluted Earnings per share* 4.4 4.3

As a result of cost controls in the areas of raw materials and energy costs the company's total expenditure fell by 1.2%, despite a 8% increase in staff expenses.

This resulted in a 22% jump in operating profits in 3QFY01. On the net level however the company saw a decline of 3%, mainly due to higher depreciation costs and higher tax provisions.

On the current price of Rs 88, Asian Hotels is trading at 5.6x FY00 EPS of Rs 15.9.

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