EIH settles insurance claims; 1-time loss of Rs 30.28 crore
Hotels operator EIH, which runs Oberoi and Trident chains, said late on Thursday it would report a one-time loss of Rs 3027.9 crore in Jan-March on settlement of insurance claims.
February 25, 2011 / 17:04 IST
Hotels operator EIH, which runs Oberoi and Trident chains, said late on Thursday it would report a one-time loss of Rs 3027.9 crore in January-March on settlement of insurance claims.
The company had recognised income worth Rs 96.76 crore and Rs 52.676 crore on account of insurance claims against losses due to business interruptions in FY09 and FY10, it said in a statement.Against these claims, the insurance company has settled an amount of Rs 112 crore on February 22, leading to a shortfall of Rs 36.984 crore, which would be counted as loss in March quarter, it added.It also said, the insurance company has also settled a claim related to damages to property worth Rs 17.422 crore resulting in a surplus of Rs 6.705 crore, which would be counted as income in the March quarter.Reliance Industries, controlled by billionaire Mukesh Ambani, has 14.8% in the hotel chain. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
