EIH Q3 net up 8%at Rs 54.31 crore

New Delhi: Hospitality chain EIH Ltd, which owns and operates hotels under the Oberoi and Trident brands has reported a jump of 8% in its standalone net profit at Rs 54.31 crore for the quarter ended December 2016 compared to Rs 50.15 crore during the same period in 2015.

The company's net sales during the period under review stood at Rs 361.51 crore compared to Rs 398.47 crore in the same period in 2015, a decline of 9%.

The total expenses of the company came down to Rs 296.41 crore for the quarter ended December 2016 compared to Rs 325.51 crore for quarter ended December 2015.

The company stated that exceptional items for the nine months ended 31st December 2015 represent profit on the sale of property at Darjeeling West Bengal. Exceptional items for all the other periods represented write offs of assets arising out of the renovation at The Oberoi New Delhi.

The company had shut the Oberoi New Delhi for a major face lift on 1 April 2016. The hotel is expected to be ready for commercial operations by 1 April 2018.