The net profit fell to Rs 42.08 crore during the quarter ended December 31 from Rs 44.76 crore in the same period of last year. During the nine-month period ended April-December 1998, the net profit was down to Rs 91.10 crore from Rs 91.46 crore.

Sales turnover too was lower at Rs 164.68 crore in the third quarter of 1998-99 against Rs 177.95 crore in the same period of 1997-98 and Rs 422.47 crore in the first nine months of 1998-99 compared to Rs 427.04 crore in the corresponding period of 1997-98.

The company said in a release that there has been a drop in room income predominantly in the luxury division, but the business and leisure divisions registered growth in sales. Food & beverages and air catering business has shown significant increases, the release said.