Tata Group-promoted Indian Hotels Company on Wednesday reported a three per cent rise in its consolidated net profit to Rs 62 crore for the quarter ended December against Rs 59.6 crore a year ago. The net consolidated sales grew three per cent for the period to Rs 1,207 crore compared with Rs 1,168 crore a year ago. The Mumbai-based company suffered an exchange loss of Rs 45 crore during the quarter. It also realised a gain of Rs 28 crore during the quarter from a sale of a property in Australia.
The company also noted that it sold four inoperative subsidiaries for an undisclosed sum to Taida Trading and Industries. These are 55 per cent stake in Ideal Ice and Cold Storage, 99.99 per cent stake in Residency Foods and Beverages, 92.5 per cent stake in Taj Rhein Shoes and 100 per cent stake in Tifco Security Services.
"The objective of the foregoing is to simplify the company's operating structure and no material impact is expected to accrue", the company stated in a release.
The company has been reshuffling its subsidiaries to bring it under one umbrella company. There is no dilution of control or ownership due to the restructuring.
