Asian Hotels (East) Q3 net down 16.70 pc at Rs 6.83 cr

NEW DELHI: Asian Hotels (East) Ltd, which operates the Hyatt Regency in Kolkata, today posted a 16.70 per cent decline in net profit to Rs 6.83 crore for the third quarter ended December 31, 2011.

The company's net profit for the three months ended December 31, 2010, stood at Rs 8.20 crore, it said in a filing to the BSE.

The firm's net sales declined by 8.36 per cent to Rs 20.82 during the third quarter of the current financial year from Rs 22.72 crore in the corresponding period last fiscal.

The company's scrips closed at Rs 290 per share on the BSE.

"Keeping in view the time bound nature of exercise, no extension of time will be given," it added.

Meanwhile, TRAI Chairman J.S. Sarma told a television channel that "brighter days" were ahead for the sector. Sarma said he was happy that the Supreme Court had stated that spectrum will be auctioned.

He also said that TRAI was considering the idea of spectrum liberalisation.