EIH Ltd posted standalone net profit of Rs 50.96 crore for the financial year 2012-13, down nearly 58 per cent compared to its Rs 122.42 crore profit in the previous fiscal. The company’s standalone total revenues for the financial year grew marginally to Rs 1,177.01 crore from Rs 1162.21 crore last year.
To pay Re 0.90 a share
The board has recommended a dividend at Rs 0.90 on an equity share, the company said. The share has a face value of Rs 2.
In a statement, S.S. Mukherji, Vice-Chairman and Chief Executive Officer, EIH Ltd said the performance of the hotel industry is directly connected with global and domestic economic growth.
“The global economic growth rate reduced to 3.5 per cent in 2012 compared to four per cent in 2011.
The situation in India mirrored this global trend. India’s growth rate fell to 5.5 per cent driven by lower industrial production in core sectors, slow internal investment, reduced urban consumption and high inflation,” he added. Mukherji said, however, that the long term confidence of the Indian hospitality industry is positive.
The company said two more hotels – Trident Hyderabad and the Oberoi Dubai – are scheduled to open in June. EIH will manage both the hotels. The company also said that the flight kitchen at Indira Gandhi International Airport, New Delhi, opened in July last year, was well received by the airline industry and reported a thirty percent increase in overall business.
meenakshi.v@thehindu.co.in