Indian Hotels posts Q4 net loss on Orient-Express provision
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.
- Housing, jobs data weaken, but overall economic picture still upbeat
- Target cyber breach hits 40 million payment cards at holiday peak |
- UPDATE 3-Saab wins Brazil jet deal after NSA spying sours Boeing bid
- 'Duck Dynasty' anti-gay fallout sparks debate on religion, tolerance
- Zuckerberg to sell Facebook shares worth about $2.3 billion |