Vacation ownership company Sterling Holiday Resorts (India) Ltd, which pioneered the concept of timeshare holidays in India, on Friday reported its first quarterly net profit in 16 years of existence, helped by better occupancy levels at its resorts.
Sterling made a consolidated net profit of Rs.62 lakh in the June quarter, compared with a loss of Rs.90 lakh in the year-ago period. Revenue rose 19.53% to Rs.36.1 crore from Rs.30.21 crore.
“We are making a net profit after 16 years purely based on performance. We had made net profit for one or two quarters with the help of extraordinary gains,” managing director Ramesh Ramanathan said.
Sterling reported a Rs.6 lakh net profit on a consolidated basis for the quarter ended 31 March, 2010, and a Rs.54 lakh net profit for the quarter ended 30 June 2009, aided by one-off gains, according to Mint Research.
Full report here Mint