Indian Hotels Co posts net loss in July-Sept quarter

MUMBAI Tue Nov 6, 2012 7:04pm IST

An attendant holds a trolley loaded with the luggage of a guest at the reception area of the Tata Group's Indian Hotels Co. Ginger chain in Ahmedabad May 5, 2012. REUTERS/Amit Dave/Files

An attendant holds a trolley loaded with the luggage of a guest at the reception area of the Tata Group's Indian Hotels Co. Ginger chain in Ahmedabad May 5, 2012.

Credit: Reuters/Amit Dave/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Indian Hotels Company Ltd (IHTL.NS), controlled by the Tata Group, reported a net loss for the July-September quarter as its operating costs and tax provisions surged, and the global economic uncertainty curbed spending on travel.

The company, which owns and operates the chain of Taj hotels and resorts worldwide, made an unsolicited $1.2 billion bid for U.S.-listed, luxury hotels group Orient-Express Hotels OEH.N in October.

Indian Hotels, whose flagship Taj Mahal Palace hotel in Mumbai overlooks the city's harbour and iconic Gateway of India arch, reported a net loss of 63.6 million rupeesfor the quarter ended September. It had posted a net profit of 83.5 million rupees in the year-ago period.

Net sales for the fiscal second quarter rose 6 percent to 3.79 billion rupees, the company said in a statement.

Shares in Indian Hotels ended unchanged at 63.15 rupees ahead of the earnings announcement, underperforming the wider Mumbai market that closed up 0.3 percent on Tuesday. (Reporting by Aditi Shah; Editing by Sunil Nair)

FILED UNDER:

Reuters Showcase

Markets Weekahead

Markets Weekahead

Column - Caution advised in a trader’s market  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

GDP Revised

GDP Revised

Economic growth revised up by almost 50 percent  Full Article 

Australian Open

Australian Open

Hingis wins Australian Open mixed doubles title with Paes   Full Article 

Houston's Daughter

Houston's Daughter

Bobbi Kristina Brown revived after found unresponsive in tub  Full Article 

India Art Fair

India Art Fair

Art fair turns India's capital into art hub.  Full Article 

Movie Review

Movie Review

"Rahasya" is an ode to Agatha Christie.  Full Article 

Review: Hawaizaada

Review: Hawaizaada

Movie Review: Hawaizaada  Full Article | Related Story 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage