Sterling Holiday Resorts to invest Rs 100 cr in 2015-16.

Sterling Holiday Resorts India Ltd. is planning to invest around Rs. 100 crore in 2015-16 to set up new resorts.

The company also hopes that in 2015-16 it will complete the process of merging and then become a 100% independently managed subsidiary of Thomas Cook (India) Limited (TCIL), which acquired the company last year.

Sterling Holiday Resorts, one of India's leading Leisure Hospitality and Vacation Ownership Company, is also planning to open resorts outside India in 2016-17.

The company reported a net profit of Rs. 3.95 crore during the quarter ended March 31, 2015 as compared to loss of Rs. 5.31 crore. Total income rose to Rs. 40.40 crore from Rs. 35.34 crore.

Ramesh Ramanathan, Managing Director, Sterling Holidays attributed the increase to growth in ownership, which rose by 42% and occupancy ration, up by 8% during the quarter ended March 31, compared to the same period last year.

The company also took a price increase by 10%, over December tariff, for time sharing and 15% in Average Room Rate (ARR) compared to last year.

In 2014-15 the company has reported a 27% growth in revenue and Ramanathan said the company targets similar growth in 2015-16.


BS