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"MUMBAI: Tata group-controlled Indian Hotels Company, which owns and operates the Taj chain of hotels and resorts, on Monday said consolidated nloss widened to Rs 34.82 crore in the quarter to June from Rs 19.09 crore a year ago. Revenue, however, rose 3.1 per cent to Rs 937.46 crore, the company said in a filing to the BSE.The company had on Thursday said that managing director and chief executive Raymond Bickson has resigned as he wants to \"pursue his professional interests elsewhere\".But there was speculation that Bickson was asked to go owing to the company's poor performance over the last two years. Indian Hotels had reported a net loss of Rs 553.85 crore in 2013-14, up from Rs 430.24 crore in the previous year.Announcing the results, Bickson said the hospitality sector has gone through unprecedented challenges in the last three to four years on account of the sluggishness of the domestic economy, influx of new supply of rooms in the market and a weak economy in many of the important source markets. \"Despite the current pressures, the outlook for the future was now positive,\" he said.The company has been in the red for the past few years mainly due to the losses incurred by its overseas operations amid the global economic downturn. Overseas operations contribute almost 40 per cent of Indian Hotels' revenues.Taj Group's three hotels in the US, including The Pierre in New York, posted a combined loss of Rs 154.68 crore in 2013-14, according to the Indian Hotels' annual report. Shares of Indian Hotels gained 1.6 per cent to close at Rs 87.20 on the BSE on Monday.Follow and connect with us on Twitter, Facebook, Linkedin"
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