TajGVK Hotels Limited has posted a loss of Rs 0.37 crore for the fourth quarter ended March 31, 2015 as against a profit of Rs 4.92 crore for the corresponding quarter last year.
The Hyderabad-based hospitality chain has posted a total income of Rs 68.62 crore for the fourth quarter as against Rs 65.07 crore for the corresponding quarter last year.
The hospitality chain had closed the financial year ended March 31, 2015 with a loss of Rs 1.97 crore and a income of Rs 250.01 crore as against a profit of Rs 4.97 crore and income of Rs 245.13 crore for the previous financial year.
The relatively poor performance was attributed to slow economic recovery, higher interest cost and influx of competition have all negatively impacted bottom line of the company.
In the accompanying notes to results, the company has stated that in the previous year 2013-14, Rs 4.10 crore of exceptional item represents remuneration refunded by Executive Chairman for the years 2008-09, 2010-11, 2011-12 and 2012-13 by withdrawing the application made to the Ministry of Company Affairs for waiver of remuneration paid in excess of the limits prescribed under the Companies Act.
The Board of Directors of the company decided against any dividend for the financial year 2014-15.
The company shares closed up 1 per cent at Rs 69.50 today at BSE.