Hospitality major EIH Limited, which runs hotels and resorts under Oberoi and Trident brands, reported 34.76- per cent rise in net profit at Rs 36.44 crore for the fourth quarter ended March 31 on Friday. Net profit for the corresponding period of the previous fiscal was Rs 27.04 crore, EIH said.
Total revenue rose to Rs 366.36 crore for the quarter under consideration from Rs 355 crore in the same period year ago. Net profit for fiscal year ended March 31, 2014, stood at Rs 95.04 crore as against Rs 50.96 crore for the year- ago period.
Total revenue also rose to Rs 1,278.94 crore for the financial year ended March 2014 from Rs 1,177.01 crore during the previous financial year.
The Board has recommended a dividend at Rs 1.10 per equity share, EIH said.
EIH vice- chairman and chief executive officer S. S. Mukherji said, " Despite the depressed market conditions, the company has recorded a healthy revenue increase over the previous year and significant growth in profitability.
The global economic growth in 2013 has remained subdued at marginally above three per cent. Furthermore, the year 2013- 14 has not been a year of economic recovery in India."The Indian hotel industry has been facing weak demand and an excess supply of rooms caused by optimism about the Indian growth story prior to 2008." Shares of EIH closed at Rs 82 per scrip on the BSE. Total revenue rose to Rs 366.36 crore for the quarter under consideration.
Courtesy: Mail Today