Tata group hospitality firm Indian Hotels Company Friday reported narrowing of consolidated net loss to Rs 26.76 crore for the second quarter ended September 30, 2016. The company had posted a net loss of Rs 151.96 crore in the July-September quarter a year-ago, Indian Hotels Company (IHC) said in a BSE filing.
Total income from operations on consolidated basis was down marginally by 1.05 per cent during the quarter under review at Rs 884.95 crore as against Rs 894.37 crore of the corresponding quarter of the previous fiscal. IHC’s total expenses was down 2.71 per cent to Rs 881.26 crore, as against Rs 905.84 crore.
The company has shown an income of Rs 60.90 crore as against a net loss of Rs 21.90 crore in exceptional item -other category. “Exceptional item -other, comprise of loss aggregating to Rs 103.07 crore on divestment of entire LLC interest in IHMS (Boston) LLC which owned ‘Taj Boston’ by United Overseas Holding Inc, a wholly owned overseas subsidiary of the company,” said IHCL.
In July IHC had informed that it would complete sale of Taj Boston hotel for $125 million (about Rs 839 crore). For the first half of FY 2016-17, IHC narrowed its net loss to Rs 196.21 crore as against a net loss of Rs 224.35 crore in the year-ago period.
IHC’s net sales in the first half of the current fiscal was up 2.28 per cent at Rs 1,831.58 crore as against Rs 1,790.75 crore in the same period last year. Shares of the IHC Friday setted at Rs 112.00 on BSE, up 2.75 per cent from previous close.