Tata Group hospitality chain Indian Hotels Company today reported a widening of standalone net loss at Rs 365.46 crore for the quarter ended March 2014 mainly due to rising expenditure and one-offs.
The company had posted a standalone net loss of Rs 338.90 crore in the year-ago period.
Standalone net sales of the company, however, rose to Rs 577.72 crore for the quarter under consideration from Rs 555.83 crore for the same period year ago.
Total expenditure rose to Rs 457.20 crore in March 2014 quarter compared to Rs 420.49 crore.
Exceptional loss (related to long-term borrowings) rose to Rs 4.56 crore compared to Rs 1.05 crore.
Also, exceptional loss (others) rose to Rs 427.94 crore compared to Rs 423.66 crore.
For the fiscal year ended March 31, 2014, the company's standalone net loss increased to Rs 590.49 crore from Rs 276.61 crore for the year-ago period.
Standalone net sales of the company rose to Rs 1,929.51 crore for the financial year ended March 31, 2014. It was Rs 1,875.86 crore for the corresponding previous fiscal year.
Indian Hotels Company Limited (IHCL) and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.
Indian Hotels has 108 hotels across 63 locations in India, and 17 international hotels spread across Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.
Shares of Indian Hotels Company today closed at Rs 89.30 per scrip on BSE, up 0.39 per cent from previous close.
