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Indian Hotels Co posts net loss in July-Sept quarter
November 6, 2012 / 1:37 PM / 5 years ago

Indian Hotels Co posts net loss in July-Sept quarter

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.

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

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)

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