IHCL Q1 net loss widens to Rs 34.82 cr

Tata Group firm Indian Hotels Company today reported a widening of its consolidated net loss to Rs 34.82 crore for the quarter ended June 30, 2014.

The company had posted a net loss of Rs 19.09 crore for the corresponding period of the last fiscal, Indian Hotels Company Ltd (IHCL) said in a filing to BSE.

Consolidated net sales of the company, however, rose to Rs 937.46 crore for the quarter under consideration as against Rs 908.70 crore for the same period year ago.

"In view of the seasonality of the sector, the financial results for the quarter are not indicative of the full year's expected performance, nor are these comparable to the results of the quarter ended March 2014," IHCL said.

During the period under review, the company's total expenses shot up to Rs 927.56 crore as against Rs 875.75 crore in the year-ago period.

Last week, the company announced resignation of its Managing Director and Chief Executive Officer Raymond Bickson and said he will step down from the post on August 31, after serving for over a decade.

Bickson would be replaced by Rakesh K Sarna, who was the Executive Vice President, Group President - Americas, of Hyatt Hotels Corporation, IHCL had said.

IHCL and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces. Incorporated by the founder of the Tata Group, Jamsetji N Tata, the company opened its first property, The Taj Mahal Palace Hotel, Bombay in 1903.

Taj Hotels Resorts and Palaces comprises 108 hotels in 63 locations across India and 17 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.

Shares of Indian Hotels Company Ltd today closed at Rs 87.20 per scrip on BSE, up 1.69 per cent from previous close.