As it continues its upward rise, Delta Corp Ltd. (NSE: DELTACORP), the largest gaming and hospitality firm in India, stock was up 7 percent on Monday, hitting a record high of Rs 155, according to Business Standard.
Earlier this month, the company reported that its revenues for the first three months of this year represented a best-ever 28 percent increase quarter-on-quarter while its first-quarter net profit after tax reached $29.8 million. So far for the month, Delta Corp stock was up 61 percent from Rs 96 after the reported net profit for the quarter ending June 30, 2016 (Q1FY17). The increase is a substantial improvement over the reported net loss of Rs 1 crore or $1.4 million deficit, for the same period last year.
The considerable gain was attributed by the company to improvements to targeted marketing and getting the right customers on board. The result of which was an increase in customers and a stable income flow. The company expects the steady income streams to translate into further growth and an increase in revenue in the coming months, according to the news agency. Delta Corp added that it expects additional revenue and profitability for its floating Deltin Royale and Deltin Jaqk casinos operational in Goa, as well.
After the July signing of a leave and license agreement to operate a casino inside the Denzong Regency Hotel in Gangtok, Sikkim, Delta Corp stock rose 70 percent from Rs 91, according to the company. The Sikkim casino adds to Delta Corp’s current casino properties, as well as India’s first offshore live gaming casino, the Deltin Caravela. The Company, which owns 51 percent of Daman Entertainment Pvt.Ltd, will soon launch its Daman operations, The Deltin. The onshore hotel and casino will include approximately 60,000 square feet of gaming space and offer about 1,000-1,500 gaming positions.