Indian Hotels Company posts net loss of Rs 136 cr in FY10

Tata Group firm Indian Hotels Company today reported a consolidated net loss of Rs 136 crore for the year ended March 31, 2010.

The company had posted a net profit of Rs 12.4 crore in the previous fiscal, Indian Hotels Company said in a filing to the Bombay Stock Exchange (BSE).

"The consolidated net sales for the year ended March 31 declined by 6 per cent because of the slowdown not just in India, but also in many international markets, within which the company owns and operates hotels," the filing added.

The total income declined to Rs 2,548.6 crore for the fiscal ended March 2010 from Rs 2,782 crore in the same period of the previous fiscal, Indian Hotels Company said in a filing to the BSE.
    
The board proposed a dividend of Rs 1 per ordinary equity share of Rs 1, for each fully paid-up share of the company.
    
On standalone basis, the company posted a net profit of Rs 153 crore, down 35 per cent over the same period a year ago.
    
"The total income for the year ended March 31, 2010, was adversely impacted by the closure of 287 rooms in the palace wing of Taj Mahal Palace & Tower, Mumbai, which is undergoing renovation and is scheduled to reopen in early July 2010," the company said.
    
Shares of Indian Hotels Company were trading at Rs 99.15 on the BSE, down 2.65 per cent from the previous close.