Hospitality major EIH posts Rs 152 cr net loss in Q1 due to Covid-19 crisis

Hospitality major EIH Ltd, which runs hotels and resorts under the Oberoi and Trident brands, on Thursday reported a consolidated net loss of Rs 152.06 crore for the quarter ended June 30, 2020 due to the adverse impact of Covid-19 pandemic.

The company had posted a net loss of Rs 1.13 crore in the corresponding period of previous fiscal, EIH said in a filing to the BSE.

Consolidated total income stood at Rs 44.62 crore during the quarter under consideration. It was at Rs 358.22 crore in the same period a year ago, it added.

Following the Covid-19 outbreak and subsequent lockdown, hotel and flight operations were mandated to remain non-operational. This had a severe impact on business at the company's and its subsidiaries' hotels and other operations across India and overseas for the quarter ended June 30, 2020, the filing said.

Similar restrictions in other countries also affected business from various international markets, it added.

As the unaudited financial results for the quarter ended June 30, 2020 have been adversely impacted by the outbreak of Covid-19 pandemic, they are not comparable with the corresponding previous quarter, EIH said.

Shares of EIH Ltd on Thursday closed 11.67 per cent higher at Rs 76.10 per scrip on the BSE.