Indian Hotels Q1 profit slides to Rs 16 cr
Mumbai: Economic slowdown, which has impacted the performance of hotel industry across all key markets, Indian Hotels Company, a Tata Group firm, has posted 73 per cent decline in its profit to Rs 16.44 crore for the first quarter ended June 30.
Total income of the company, which operates the Taj brand
of hotels, also dropped to Rs 284.88 crore during the April-
June period of FY`10 from Rs 376.91 crore of the same quarter
last year, Indian Hotels said in a filing to the Bombay Stock
Exchange (BSE) today.
"Total income for the latest quarter declined by 24 per
cent on account of the economic slowdown, which has
significantly impacted the performance of the industry across
all key markets," it said.
"Additionally, the 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".
Taj Mahal Palace & Tower was attacked by the terrorist in
November last year, causing damage in the hotel`s property.
Shares of Indian Hotels today closed at Rs 68.25, down
1.09 per cent from its previous close on the BSE.
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