Tata group company, Indian Hotels Company, today posted a 76.56 per cent decline in profit after tax (PAT) at Rs 11.87 crore for the quarter ended September 30, 2009 on account of slowdown in travel trade.
The total income of the company, however, decreased to Rs 329.69 crore for the quarter ended September 30, 2009, from Rs 399.44 crore a year ago, the company said in a filing to the Bombay Stock Exchange (BSE).
Total income for the quarter ended September 30, declined by 16 per cent over the corresponding period of the previous year, on account of slowdown in travel trade, which has significantly impacted the performance of the industry across all key markets, the company said.
Besides, the total income was also adversely impacted because of the closure of 287 rooms in the Palace wing of Taj Mahal Palace & Tower Mumbai, which is undergoing renovation.
The company however said that "in view of the seasonality of the business, the financial results for the quarter and half year ended September 30, 2009 are not indicative of the full year's performance".
Shares of the company closed at Rs 73.70, down 1.86 per cent on the BSE.