The Board of Directors of EIH Limited (a member of The Oberoi Group) met on Tuesday, 29th May, 2012 and announced the Audited Results for the Financial Year 2011-2012.
During the Financial Year 2011-12, the Company’s Total Revenue, including Other Income was Rs. 1147.33 crores as compared to Rs.1142.95 crores in the previous year.
Profit from operations was Rs. 175.83 crores as compared to Rs. 146.78 crores in the previous year i.e. an increase of approximately 20%.
The Profit before Tax was Rs.155.00 crores as compared to Rs. 85.49 crores in the previous year i.e. an increase of approximately 81%. The Profit after Tax was Rs. 122.42 crores as compared to Rs. 64.54 crores in the previous year i.e. an increase of approximately 90%.
The Consolidated Total Revenue, including Other Income was Rs. 1436.11 crores as compared to Rs.1296.87 crores in the previous year. The Consolidated Profit after Tax was Rs. 124.08 crores against loss of Rs. 5.23 crores in the previous year.
The Board recommends a Dividend at Rs. 1.10 per Equity Share.
The Chairman, Mr. P.R.S. Oberoi stated “After two exceptionally bad years, the global hospitality industry was expected to recover in 2011. Despite encouraging signs in the first half of 2011, there was growing uncertainty during the latter part of the year. As a result, recovery has been fragile during 2011. The situation in India mirrors this overall global trend. Foreign arrivals to India grew only marginally compared to the previous year. As a result, occupancies were higher than the previous year but room rates have been subdued and it has not been generally possible for hotels to revise room rates upwards”.
Mr. Oberoi further added, “The new flight kitchen at Indira Gandhi International Airport, New Delhi will open by June 2012. Trial runs have begun and this very sophisticated state of the art kitchen will produce 15,000 meals per day to cater to domestic and international flights. The kitchen has won the “Future Kitchen Award” by the trade journal “Catering Management” at the Intergastra Fair, 2012 held at Stuttgart, Germany for the excellent kitchen design and energy conservation.
Two hotels to be managed by the Company at Cyber City, Hyderabad are under construction. Trident, Hyderabad consisting of 326 keys is expected to open later this year followed by the 220 key The Oberoi on which construction is progressing.
The luxury 252 key The Oberoi, Dubai is expected to open this year. The Oberoi, Dubai will be managed by a wholly owned subsidiary.
Mr. Oberoi concluded by saying, “Whilst we may face a slower growth outlook in the short to medium term, there is, undoubtedly, considerable potential for long term growth
Sourced From: Corporate Voice Weber Shandwick