Hospitality major EIH, which runs hotels and resorts under Oberoi and Trident brands, today reported 51.18 per cent decline in standalone net profit at Rs 23.39 crore for the March quarter due to higher expenses and exceptional item loss.
The company had posted a standalone net profit of Rs 47.91 crore in the January-March period of 2014-15 fiscal, EIH said in a BSE filing.
Its net sales rose 8.07 per cent to Rs 418.95 crore in the same period of 2015-16 fiscal as against Rs 387.66 crore in the year-ago period, it added.
Total expenses stood at Rs 354.27 crore during the quarter under review as against Rs 317.66 crore in the corresponding quarter of the 2014-15 fiscal, up 11.53 per cent.
The company said it had an exceptional item loss of Rs 29.25 crore during the quarter under review.
For 2015-16 fiscal, its standalone net profit surged 5 per cent to Rs 101.47 crore as against Rs 96.63 crore in the preceding year.
Net sales rose 6.14 per cent to Rs 1,416.5 crore during the fiscal compared with Rs 1,334.59 crore in 2014-15.
EIH said its Board of Directors at its meeting held today has recommended to the shareholders for declaring the interim dividend of Rs 1.1 per share disbursed on March 23, 2016, to be the final dividend for 2015-16.
The company said its hotel, Oberoi in the Capital has been closed from April 1, 2016, and is expected to be reopened on April 1, 2018.
EIH Ltd shares closed 0.09 per cent up at Rs 108.65 on BSE in the pre-close session.
