EIH Ltd Q4 net dips 40 percent

Hospitality major EIH Ltd, which runs the Oberoi and Trident brands of hotels and resorts, Thursday reported a 40 percent slide in net profit to Rs.27.04 crore for the period ended March 31, 2013, from Rs.45.13 crore for the corresponding period a year ago.

Total income during the fourth quarter last fiscal rose to Rs.352.62 crore from Rs.331.31 crore for the like period previous fiscal, the firm said in a filing to BSE.

For the full year, the company's net profit stood at Rs.50.96 crore during the fiscal 2012-13 compared to Rs.122.42 crore during the fiscal 2011-12.

The company's total revenue, including other income, during the financial year was Rs.1,177.01 crore compared to Rs.1,162.21 crore during the previous year.

EIH vice chairman and chief executive officer S.S. Mukherji 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 percent in 2012 compared with 4 percent in 2011. The situation in India mirrored this global trend."

Trident, Hyderabad, and The Oberoi, Dubai, are scheduled to open next month, the company said in a release here.