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India Hospitality Corp. Reports Preliminary 1Q0...
India Hospitality Corp. Reports Preliminary 1Q0....
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n \n India Hospitality Corp. Reports Preliminary Fiscal First Quarter 2009 Results\n\n F1Q09 Revenues Up 52%, EBITDA Increases 46% over Prior-Year Period\n\n LONDON, Sept. 19 -- India Hospitality Corp. (LSE: IHC, IHC or India Hospitality) today \nannounced preliminary results for IHC for the fiscal quarter ended June 30, 2008. Fiscal \n2008 audited results will be released in a separate filing.\n\nFiscal first quarter 2009 highlights\n\n -- Total revenue increased 52% year-over-year to $10.5 million. \n\n -- EBITDA increased 46% year-over-year to $1.9 million.\n\n -- IHC's Board appointed Ravi Deol as Chairman and Chief Executive Officer of Mars \n Restaurants as part of a major initiative to rapidly grow its hotels and food services \n businesses.\n\n -- IHC also announced its intention to launch a $200 million hospitality fund to be led by \n Mr. Deol to develop and/or acquire Indian hospitality properties. IHC will receive a \n management fee through an advisory agreement between the fund and Mars.\n\n\n \"We are pleased to see continued strong growth in the fiscal first quarter,\" said IHC \nacting Chief Executive Officer Richard Foyston. \"SkyGourmet's growth was realized \ndespite emerging weakness in the aviation sector as Sky continued to gain market share. \nLooking ahead, we expect the economic environment to remain difficult over the next \ncouple of quarters, but we anticipate continued growth and we will continue our efforts to \nmanage costs and maintain margins.\"\n\n Fiscal First Quarter 2009 Preliminary Results\n\n For the fiscal quarter ended June 30, 2008, India Hospitality reported unaudited \nrevenue of $10.5 million -- a 52% increase from the prior-year period. Top line growth \nwas boosted by an approximate 65% increase in revenue from IHC's SkyGourmet division \nto $8.7 million, aided by increased demand for meals, as well as the opening of a new \nkitchen during calendar 2008 and a significant increase in capacity at the company's Delhi \nAir Catering Unit at the end of the prior fiscal year. Total meals served for the fiscal first \nquarter 2009 increased 57%. \n\n Revenue at Mars Restaurants increased to $2.7 million, an 11% improvement over the \nprior-year period. The results at Mars were driven by a 17% increase in average room \nrevenue (ARR) at the Gordon House Hotels and restaurant same-store sa...