EIH's Q3 net profit up 8.29%

Hospitality major EIH on Monday reported a rise of 8.29 per cent in its stand alone net profit for the third quarter (Q3) of 2016-17.

The company which was formerly known as the 'East India Hotels'. It operates hotels and resorts under the Oberoi and Trident brands.

The hospitality major's standalone Q3 net profit grew to Rs 54.31 crore from Rs 50.15 crore reported in the corresponding quarter of last fiscal.

However, the company's total income from operations declined by 6.39 per cent to Rs 375.38 crore from Rs 401.02 crore.

"The Oberoi, New Delhi was closed on 1st April, 2016 for major renovations. The hotel is expected to be ready for commercial operations by 1st April, 2018," the company said in a regulatory filing to the BSE.

The company's scrip at the BSE gained by 1.12 per cent during Monday's trade to close at Rs 99.15 from its previous close of Rs 98.05.

--IANS

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