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Indian Hotels Co posts net loss in July-Sept quarter
MUMBAI |
MUMBAI Nov 6 (Reuters) - Indian Hotels Company Ltd , 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 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 rupees ($1.2 million)for 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.
($1 = 54.6 Indian rupees) (Reporting by Aditi Shah; Editing by Sunil Nair)
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