Indian Hotels Company (IHC) that owns the flagship Taj hotels on Wednesday reported a loss of R6 crore for the quarter ended September 2010 against a net profit of R12 crore in year-ago period as a result of weak occupancy.
“The second quarter registered rather subdued occupancies in some
of the key markets where sentiments were adversely impacted by the continued adverse publicity surrounding the recent concluded CWG games,” said Raymond Bickson, managing director, IHC.
The company’s total income rose by 15 per cent year-on-year at R329 crore and total expenditure went up by 12.8 per cent due to rise in employee cost.