Tata Group firm Indian Hotels Company (IHCL) said its consolidated net loss has widened by 49.79% to Rs 33.36 crore for the quarter ended June 30, 2012, mainly on account of increased expenditure costs.
The company had reported a net loss of Rs 22.27 crore for the quarter ended June 30, 2011, Indian Hotels said in a filing to the BSE.
Consolidated total income of the company, however, rose to Rs 852.57 crore for the quarter under consideration from Rs 711.64 crore in the same quarter year ago.
Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.
Meanwhile, the company is also planning to forge a partnership with Orient Express Hotels (OEH), according to reports.
Reports stated that IHCL owns 6.9% in OEH, which has a chain of luxury hotels and trains across many countries and has been pursuing a partnership with OEH, without any headway so far.
At the 111th annual general meeting of the company, IHCL Chairman Ratan Tata had reportedly said that there is a great strategic opportunity for us, though there is nothing we can say or do.
IHCL had been scouting for opportunities to shore up its stake in OEH, says report.
Shares of Indian Hotels Company today closed at Rs 60.90 apiece on the BSE, up 0.74% from its previous close.
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