MUMBAI Nov 6 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
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)