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IHC benefits from hotel and airline catering biz in Q3

IHC benefits from hotel and airline catering biz in Q3
PTI
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First Published: Thu, Feb 14 2008. 05 14 PM IST
Updated: Thu, Feb 14 2008. 05 14 PM IST
London: Investment firm India Hospitality Corp said on Thursday that its hotel and airline catering businesses in India has helped the company record good results in the third quarter ended 31 December, 2007.
However, the figures for the quarter were not disclosed.
The company is listed on the Alternative Investment Market of the London Stock Exchange.
During this period, SkyGourmet, which is into airline catering, saw an 83% jump in meals served, while Mars Restaurants recorded a 9% growth in same store sales.
Further, revenues at Gordon House Hotels (GHH) grew eight per cent over the prior year. In addition, the GHH currently has one owned and one managed hotel, with three new properties in the pipeline, IHC said in a regulatory filing.
Earlier this week, the company had said it has dropped its plans to acquire Indian restaurant chain Nirula’s.
“IHC is at the nexus of three rapidly growing consumer industries in India and is well positioned to capitalise on the continued increase in demand in the hospitality and travel sectors of the economy,” said Jason Ader, chairman of the board.
SkyGourmet that serves domestic and international carriers like Kingfisher, Jet Airways, Indian Airlines an Air France anticipates continued growth in capacity, volumes and cash flows. It also added a new customer this quarter, Jet Lite, to which the firm supplies snack boxes from its kitchens in Mumbai, Delhi and Bangalore.
According to the filing, SkyGourmet continues to pursue its long-term growth strategy and is in the process of expanding its air catering unit in Mumbai by 50% and the new kitchen in Chennai, which was opened in January. It also intends to open two new kitchens in Hyderabad and Kolkata.
“We are very pleased with the performance of each of IHC’s business segments... SkyGourmet continues to expand its capacity into key markets, top line growth at Mars remains solid, and Gordon House has a strong pipeline of accretive growth opportunities.” said Rick Foyston, IHC interim CEO.
Meanwhile, IHC plans to expand its food service brands and would also evaluate high-return acquisitions in each of the firm’s business segments, the filing added.
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First Published: Thu, Feb 14 2008. 05 14 PM IST
More Topics: Ihc | Hotel | Airline | SkyGourmet | India |