ITC Hotel's profit halved in it's first quarter

Hotel net sales were up 0.9% to Rs 232 crore, while profit halved to Rs 26 crore in April-June

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ITC's first quarter net profit rose a slightly higher-than-expected 20% year-on-year to Rs 1,602 crore. Its quarterly net sales were up 15% from a year ago to Rs 6,652 crore.

However, the hotels business continues to see a dip on the overall operations. Hotel net sales were up 0.9% to Rs 232 crore, while profit halved to Rs 26 crore in April-June as per a report in moneycontrol.

"The hotels industry continues to be impacted by the weak global and domestic economic environment and significant additions to room supply in key Indian cities," the company said.

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