Interim Results

28 Sep 2007 17:13

India Hospitality Corp.28 September 2007 For Immediate Release 28 September 2007 India Hospitality Corp. Consolidated financial statements for the period ended June 30, 2007 New York, NY. - September 28, 2007 - India Hospitality Corp. (LSE: IHC, IHC orIndia Hospitality), today announced that is has filed consolidated financialstatements for the period from January 1, 2007 to June 30, 2007. For the periodfrom January 1, 2007, the Company generated an operating loss of US $742,886 anda pre-tax profit of US $1,818,976 or US $0.09 per share. As of June 30, 2007,the Company had a cash balance of US $100.5 million. In July 2007, IHC closed on the acquisition from Navis Capital Partners and itsAffiliates of India-based Mars Restaurants Private Limited (MRPL or Mars), anemerging hotel and restaurant company, and SkyGourmet Catering Private Limited (SCPL or SkyGourmet), an airline catering company operating out of four locationsin India for an aggregate purchase price of US $109.9 million. About India Hospitality Corp. IHC was created as a blank-check company to acquire Indian businesses or assetsin the hospitality, leisure, tourism, travel and related industries, includingbut not limited to hotels, resorts, timeshares, serviced apartments andrestaurants. In August 2006, IHC raised US $103 million in an IPO and private placement andis listed on AIM, a market operated by London Stock Exchange plc, under theticker IHC. The Company was sponsored and advised by Hayground Cove AssetManagement LLC, a New York-based investment management firm with approximatelyUS $1.9 billion in assets under management. About Mars and SkyGourmet Since its incorporation in 2000, Mars has diversified into bakery outlets andoperating and managing food courts and hotels. SkyGourmet was incorporated in2002 and is headquartered in Mumbai. SkyGourmet currently provides in-flightcatering services to a number of domestic and international airlines, includingJet Airways, Kingfisher Airlines, Air India Express, Indian Airlines, MalaysianAirlines and Air France. It has operations in Mumbai, Bangalore, New Delhi andPune. For the nine months ended December 31, 2006, the combined entities hadaudited revenues of approximately US $18.9 million and 1,700 employees. For the period For the period from from 1 January 2007 incorporation to to 30-Jun-07 to 30 June 2006 US$ US$ Administrative expenses $(742,886) $(6,000) Operating loss (742,886) (6,000) Finance revenue 2,561,862 - Profit before tax 1,818,976 (6,000)Income tax - - Profit for the period attributable to $1,818,976 $(6,000)equity holdersof the parent Earnings per share for continuing Note $ per share $ per shareoperationsBasic, profit for the year attributable to 2 $0.09 $0.00ordinary equity holders of the parent CONSOLIDATED BALANCE SHEET (UNAUDITED)As at 30 June 2007 June 30, 2007 June 30, 2006 US$ US$ASSETSCurrent assetsCash $100,503,549 $6,250Other receivables 426,651 -Prepaid expenses 18,185 - Total assets $100,948,385 $6,250 EQUITY & LIABILITIESEquity attributable to equity holders ofthe parentCalled up share capital $21,334 $6,250Share premium account 97,701,685 -Retained profit 3,085,366 (6,000)Total equity 100,808,385 250 Current liabilitiesAccrued expenses 140,000 -Loans due to related parties - 6,000 Total liabilities 140,000 6,000 Total equity and liabilities $100,948,385 $6,250 Note 2. Earnings per share figures are calculated in accordance with IAS 33,Earnings per Share. Basic earnings per share amounts are calculated by dividing profit for theperiod attributable to ordinary equity holders of the Company by the weightedaverage number of ordinary shares outstanding during the period. The followingreflects the income and share data used in the total operations basic earningsper share computations:Profit attributable to equity holders of the parent US $1,818,976Weighted average number of ordinary shares for basic earnings per share21,333,334 For Further Information Contact:Investor Relations Contact: ICR Inc.William Schmitt203-682-8200 Media Contact: Buchanan CommunicationsRichard Darby, Isabel Podda+44 (0)207 466 5000 Nominated Adviser and Broker: Deutsche BankMumtaz Naseem+44 (0)20 7545 8000 Deutsche Bank is IHC's nominated adviser and broker for the purposes of the AIMRules for Companies. Its responsibilities as IHC's nominated adviser and brokerunder the AIM Rules for Nominated Advisers are owed solely to London StockExchange plc and not to IHC, any director of IHC or any other person. No offer or invitation to purchase or subscribe for ordinary shares in orwarrants to purchase or subscribe for ordinary shares or warrants of IHC isbeing made by this announcement. This information is provided by RNS The company news service from the London Stock Exchange