EIH posts Rs9.6 crore net loss as sales plunge 33 per cent
29 October 2009
EIH Ltd, owner of the Trident and Oberoi hotel chains, said on Wednesday that it posted a net loss of Rs9.6 crore in the second quarter due to a decline in revenue.
The company said that travel advisories issued by several countries in the wake of the November 2008 terrorist attack along with the global economic downturn has hurt the travel and tourism business.
Last year, EIH had reported a net profit of Rs31.3 crore.
Net sales of the quarter ended 30 September 2009 fell 33 per cent to Rs156 crore from Rs234 crore last year.
However, according to the company, its performance for the first half of the year was not indicative of its annual result because of the seasonal nature of the domestic hotel industry.