Leading theme park operator Wonderla Holidays & Resorts reported about 8 percent drop in the March quarter net profit at Rs 6.6 crore on excess tax provision of Rs 3.14 crore pertaining to its Kochi park. "Our bottomline in the quarter was impacted by an excess tax provision of Rs 2 crore towards entertainment tax and service tax disputes with our Kochi park.
While we agreed to part-pay Rs 2 crore towards entertainment tax dispute with Kochi Corporation, we also set aside Rs 1.14 crore towards service tax dispute dating back to 2011, again with regard to the Kochi park," its managing director and chief executive Arun K Chittilappilly said. Accordingly, net profit for the quarter slipped to Rs 6.58 crore from Rs 7.15 crore, showing a decline of 7.89 percent , he said, adding that gross revenue rose over 14 percent to Rs 39.35 crore.
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