EIH Q4 net profit up 78% at Rs 50 crore

The company had posted a net profit of Rs 28 crore for corresponding period of previous fiscal

Hospitality major EIH, which runs hotels and resorts under Oberoi and Trident brands, on Tuesday reported 77.91 per cent rise in standalone net profit to Rs 50.67 crore for the fourth quarter ended March 31, 2017.

The company had posted a net profit of Rs 28.48 crore for the corresponding period of previous fiscal, EIH Ltd said in a BSE filing.

However, standalone total revenue of the company saw a dip to Rs 416.38 crore for the quarter under consideration as against Rs 440.09 crore for the same period year ago.

For the fiscal year ended March this year, the net profit of the company stood at Rs 96.53 crore. It was Rs 109.02 crore for the year-ago fiscal.

Total revenue of the company for the fiscal year ended March 31, 2017 was at Rs 1,376.78 crore as against Rs 1,469.63 crore for the previous fiscal year.

In a separate filing, the company said its board has recommended a dividend of Rs 0.90 per share for the financial year 2016-17.

"The Oberoi, New Delhi was closed on April 1, 2016 for major renovations. The hotel is expected to be ready for commercial operations by April 1, 2018," EIH said.

Shares of EIH Ltd closed 0.15 per cent down at Rs 137.45 on BSE.