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Indian Hotels Company Ltd (IHCL) reported a lower net profit of Rs 4 crore on a standalone basis for the quarter ended June 30. This was due to initial gestation period and the cost of a new hotel recently opened in Bangalore, foreign currency fluctuation loss and lower treasury income.
It had posted a net profit of Rs 21 crore in the corresponding quarter last year.
The total income of the company, which owns and operates the chain of Taj hotels and resorts, was Rs 396 crore for the April-June quarter against Rs 370 crore for the corresponding quarter of the preceding year.
Announcing the results, Raymond Bickson, Managing Director, said that the sector continues to face pressure on demand due to the current economic environment, which in turn had kept the room rates subdued below desired levels.
On a consolidated basis, the company reported a loss of Rs 33 crore for April-June quarter against a loss of Rs 22 crore in the same period a year ago.
The share price of IHCL was up 0.74 per cent at Rs 60.90 on the BSE on Wednesday.
nivedita.ganguly@
thehindu.co.in
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