Indian Hotels Co posts net loss in July-Sept quarter

MUMBAI Tue Nov 6, 2012 6:58pm IST

Stocks

   

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)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Markets

REUTERS SHOWCASE

Political Pulse

Political Pulse

100 days of Modi: Good for business, not so good for marginalised groups.  Full Article 

Segway in India

Segway in India

Segway’s India business pegs hope on tech-savvy Modi  Full Article 

Best Economy

Best Economy

Swiss economy most competitive once again; EU, U.S., Japan improve.  Full Article 

Power Outage

Power Outage

Mumbai hit by power cuts  Full Article 

Commodities

Commodities

Gold imports, premiums to jump on festive demand - top refiner  Full Article 

Economic Worries

Economic Worries

Pakistan's promises to IMF in doubt as protests sap economy   Full Article 

Islamic Finance

Islamic Finance

Basel III deposit challenge looms over Islamic banks   Full Article 

Antitrust Probes

Antitrust Probes

U.S. business lobby says concerned China antitrust probes unfair.  Full Article 

Reuters India Mobile

Reuters India Mobile

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