AIM-listed blank check firm India Hospitality Corp. (IHC) has announced a loss attributable to shareholders of $5.44 million or $0.20 per share. Last year the firm reported a profit attributable to shareholders of $1.6 million or $0.04 per share. IHC has also recently announced the appointment of Chief Operating Officer Sandeep Vyas as a Director, filling in the board seat vacated by Scott LaPorta in July 2008. Vyas was till recently director of worldwide operations for Yum! Brands International’s Pizza Hut. IHC has also recently appointed appointed Ravi Deol as the Company’s new Chief Executive Officer (CEO), replacing the interim CEO Richard Foyston.
IHC last year acquired Mumbai-based Mars Restaurants and its sister concern SkyGourmet Catering for approximately $110 million. The sellers were Malaysia-based private equity fund Navis Capital Partners and the founder Sanjay Narang. IHC also has a provision to buy Delhi-based Nirula’s, another Indian restaurant chain owned Navis.
IHC reported a pre-tax loss of $5.66 million, compared to a pre-tax profit of $1.73 million last year. The firms total assets have shrunk from $221.5 million to $183.75 million between the March to September 2008 period.