Indian Hotels posts Q4 net loss on Orient-Express provision

MUMBAI Thu May 30, 2013 10:01am EDT

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MUMBAI May 30 (Reuters) - Indian Hotels Co Ltd on Thursday posted a 3.4 billion rupee ($60.51 million) net loss for the January-March quarter, as it booked a provision of 4.2 billion rupees for its investment in U.S.-listed luxury hotel group Orient-Express Hotels Ltd.

Indian Hotels, part of the salt-to-software Tata group conglomerate, owns and operates Taj hotels and resorts worldwide and had reported net profit of 652.1 million rupees a year earlier.

Net sales were nearly flat at 5.6 billion rupees in the quarter.