Country Club Q1 net up 11.07 pc at Rs 7.23 crore

MUMBAI: Country Club (India) Ltd (CCIL)today reported 11.07 per cent growth in the net profit at Rs 7.23 crore for the first quarter ended June 30, over the same period last year.

The net profit for the April-June quarter of FY11 stood at Rs 6.51 crore, CCIL said in a release issued here.

The total income of the company went up by 9.1 per cent for the quarter under review at Rs 77.09 crore as compared to Rs 70.61 crore in the corresponding period last fiscal.

"It has been a tough quarter for firms dependent on discretionary consumer spends, given the gloomy economic and political environment.

However, our focus on operational efficiency has helped us report a strong EBITDA and steady PAT growth," CCIL Joint Managing Director Y Siddharth Reddy said.

Going ahead, he said, the company is planning to reach a membership base of one million over the next 10 years.

"We are further investing in expansion this fiscal for the development of 18 properties, which will be operational by FY13. Additional investment of around Rs 200 crore is envisaged till 2016 for development of properties in India and abroad," he said.

CCIL has earmarked over Rs 300 crore for expansion activities in the next five years.

"We plan to consolidate our position in Tier-II cities of India and also expand overseas in the Middle East and the South Asian nations," he added.