Delta Corp's Q3 net profit declines by nearly 50 percent

Mumbai, Jan 31 (IANS) Hospitality and gaming industry major Delta Corp. Thursday reported a decline of nearly 50 percent in its consolidated net profit for the third quarter of the current 2012-13 fiscal.

The net profit stood at Rs.7.6 crore in the quarter under review from Rs.15.31 crore the company posted in the corresponding period of last fiscal.

However, the company's nine-month ended net profit increased 25.74 percent and stood at Rs.40.10 crore from Rs.31.89 crore it posted in the like period of 2011-12.

According to the company, its profit after tax for the nine month-ended Dec 31, 2012, period is on track to exceed net profit for the fiscal year ended March 2012, which stood at Rs.43.22 crore.

"Our strong performance in gaming and hospitality is testament to the focus we place on our core business. With our enhanced offerings and expansion plans in this segment, we are confident that Delta Corp will continue to be a leader in the sector and deliver profitable growth to its shareholders," Jaydev Mody, chairman, Delta Corp., said in a statement.

The company's revenue for the October-December quarter stood at Rs.103.40 crore, down 29.35 percent from Rs.146.36 crore the company posted in its corresponding quarter of last fiscal.

The revenue for the nine-month period ended Dec 31, 2012, was Rs.369.26 crore, up 22.27 percent from Rs.286.99 revenue generated in third quarter of 2011-12.

The third quarter revenue has surpassed the company's 12-month revenue of Rs.364.94 crore for financial year ended March 31, 2012.

The company's scrip at the Bombay Stock Exchange (BSE) was down by 2.05 points or 2.72 percent at Rs.73.45 per share around 2.00 p.m. Thursday from its previous close of Rs.75.50.

The company through its subsidiaries, owns and operates two floating casinos and two land-based hotels in Goa and holds three of the six gaming licenses in the state.

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