Tata group hospitality major Indian Hotels Company today reported a narrowing of its consolidated net loss to Rs 97.69 crore for the second quarter ended September 30, 2014.
The company had posted a net loss of Rs 433.48 crore for the corresponding quarter of the previous fiscal, Indian Hotels Company said in a filing to BSE.
Consolidated total income from operations grew to Rs 937 crore for the quarter under consideration as against Rs 895.92 crore for the same period a year ago.
“In view of the seasonality of the sector the financial results for the quarter ended and half year ended September 30, 2014 are not indicative of the full year’s expected performance,” Indian Hotels said.
In September quarter of FY’14, Indian Hotels Company had provided for an exceptional charge of Rs 368.27 crore, saying that this was after a review of its the then current carrying value of its investment in Orient Express Hotels Ltd and had considered it prudent to recognise further diminution in the value by Rs 365 crore, among others.
The Indian Hotels Company Ltd and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces. The hospitality chain comprises 108 hotels in 63 locations across India with an additional 17 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.
Shares of Indian Hotels Company Ltd (IHCL) today closed at Rs 106.55 per scrip on BSE, up 0.71 per cent from it’s previous close.