EIH Associated Hotels FY10 net profit down 67%

Oberoi Group hospitality firm, EIH Associated Hotels Ltd today reported a steep fall of 66.53 per cent in its consolidated net profit for 2009-10 fiscal at Rs 2.49 crore.

The company had a consolidated net profit of Rs 7.44 crore during the previous fiscal, the Oberoi Group said in a statement.

It also reported a decline of 7.17 per cent in its consolidated total income for the last fiscal at Rs 156.56 crore against Rs 168.66 crore during 2008-09.

"Worldwide the hospitality industry went through yet another difficult year. There was a decrease in the number of foreign visitors to India," Oberoi Group Chairman PRS Oberoi said.

He said there was 30 per cent fall in the revenue coming from rooms during last fiscal but added that the outlook for this year is better.

"Demand for hotel rooms in India is expected to increase. Room rates should also improve compared to the previous year," Oberoi said.

The company added that travel advisories issued by various foreign governments in the period following the Mumbai attacks of November 2008 continued to affect travel and tourism in the country.