EIH Q4 net profit jumps 31% at Rs 48 crore

MUMBAI: Hospitality firm EIH Limited, which owns and operates hotels under Oberoi and Trident brands, has reported a 31.4 % increase in its standalone net profit at Rs 47.91 crore for the quarter ended March 31, 2015 as against Rs 36.44 crore during the same period last year.

The company, however, posted a 41% decline in consolidated net profit at Rs 63.1 crore for the year ended March 31, 2015 as compared to Rs 107.1 crore during the last fiscal.

The hotel chain has posted a 7% increase in consolidated net revenue at Rs 1,689.1 crore for the year ended March 31,2015.

EIH has posted a standalone net revenue of Rs 392.7 crore for the quarter ended March 31,2015, up by 9% from same period a year ago.

“In the past few years, the Indian hotel industry has been facing the double challenge of weak demand and increased supply of rooms in almost all locations across the country," Vikram Oberoi, Managing Director and Chief Executive Officer, EIH said in a press statement. "In spite of these challenges, EIH ltd. was able to increase market share in most locations and hence the strong profit growth led by the hotel division.”

Oberoi added that the performance of the Indian hotel industry during 2014-15 remained largely subdued with a marginal increase in occupancies while the Average Room Rates (ARR) remained flat.

The Oberoi Group plans to open three new hotels - in United Arab Emirates, Marrakech in Morocco and Chandigarh in India - during the first six months of 2016.