Taj Hotels' Owner Reports Biggest Drop in Net Profit in Almost Eight Years | bloomberg.com
Indian Hotels Ltd., the nation’s largest operator, reported it biggest drop in profit in almost eight years as costs rose and it kept part of the terrorist-hit Taj Mahal Hotel & Towers closed for renovation. Net income at the company chaired by Ratan Tata plunged 80 percent to 33.3 million rupees ($716,000) in the three months ended June 30 from 164.4 million rupees in the year earlier period, the company said in a statement to the Bombay Stock Exchange today. That’s the biggest drop in profit since the quarter ended Sept. 30, 2002, according to data on the Bloomberg.
