EIH Q4 net profit falls 51.17% to Rs23.39 crore
EIH's total income rises 7.22% to `423.14 crore as against `394.63 crore in the year-ago period
Kolkata: Hospitality company EIH Ltd, which runs hotels and resorts under the Oberoi and Trident brands, on Thursday reported a 51.17% drop in its standalone profit for the quarter ended 31 March because of higher expenses and a one-time loss.
The company posted a net profit of 23.39 crore as against 47.91 crore during the same period a year ago.
Total income rose 7.22% to 423.14 crore as against 394.63 crore in the year-ago period.
Total expenses increased 11.5% to 354.27 crore as against 317.66 crore in the year-ago period.
It also reported a one-time loss of 29.25 crore during the fourth quarter.
In a filing to the BSE, the company said that the exceptional items for the year ended 31 March represent profit on sale of property in Darjeeling, West Bengal, of 1.99 crore, profit on sale of land in Delhi of 12.61 crore and provision for dimunition in value of investments in Golden Jubilee Hotels Pvt. Ltd of 41.86 crore.
The Golden Jubilee Hotels was a joint venture between Core Hotel Ventures Pvt Ltd with 84% stake and the rest by EIH Ltd.
The filing also said that The Oberoi, New Delhi, has been closed for major renovation from 1 April and is expected to be ready for commercial operations by 1 April 2018.
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