Indian Hotels on Monday reported a narrower consolidated loss of R19.09 crore for the April-June quarter from a loss of R33.36 crore during the corresponding period last year on the back of lower finance costs and higher sales.
Cfo Anil Goel said that the company’s board is still considering its bid to acquire US-based luxury hotel Orient Express. ?The company has not yet decided to revise the offer for Orient Express. We should be able to decide on the bid by the next quarter,? Goel said.
IHCL, which has a 6.9% stake in Orient Express, made a $1.86-billion bid to acquire all outstanding class A shares of Orient-Express Hotels. In November last year, Orient Express had rejected the takeover offer.
IHCL’s total income from operations rose 6.5% to Rs 908.7 crore for the quarter ending June 30 from Rs 852.5 crore in the year-ago quarter due to a seasonally weak first
quarter.
