Companies

TajGVK loss widens in Q1

V. Rishi Kumar Hyderabad | Updated on August 03, 2014 Published on August 02, 2014

Taj GVK Hotels & Resorts Ltd has posted a loss of ₹3.42 crore for the first quarter ended June 30, 2014 as against a loss of ₹1.33 crore for the corresponding quarter last fiscal.

The Hyderabad-based hospitality sector player has also posted lower income of ₹53.84 crore for the June quarter against Rs 57.80 crore for the corresponding period last year.

Its Managing Director G Indira Krishna Reddy, in a filing with the BSE, has stated that the slowdown in the Indian economy and the global economic crisis have impacted the company’s operations during the quarter.

She further stated that in view of the seasonality of the business, the financial results for the quarter ended June 30, 214 are not indicative of the company’s full-year performance.

In the notes accompanying the results, the company mentioned that pursuant to the enactment of the Companies Act 2013, with effective date of April 1, 2014, the company has revised the estimated useful lives of its tangible assets as specified in the schedule of the Act. This has resulted in higher depreciation of ₹70.63 lakh and is being treated as an exceptional item.

The board of directors of the company has accepted the resignation of P.Abraham, Independent Director.

Published on August 02, 2014
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