EIH betters performance in FY 2004
Our Corporate Bureau
01 July 2004
The company's revenue increased from Rs435.28 crore to Rs504.49 crore which represents an increase of 16 per cent. The operating profit increased to Rs118.49 crore as against Rs81.32 crore in the previous year, logging a 46 per cent increase. The profit after tax stood at Rs28.17 crore. The foreign exchange earnings were Rs262 crore.
According to P R S. Oberoi, chairman, "After two difficult years, business conditions have shown an improvement. Occupancies and average room rates have shown an upward trend since October 2003. "
The board has proposed a dividend of 30 per cent (Rs3 per share) per equity share.
Following the strategic alliance with Hilton International, all the Trident properties in India have been re-branded as Trident Hilton. The Oberoi Towers has been re-branded as Hilton Towers. Hilton will provide international marketing, promotion and reservation services through the Hilton network. EIH will continue to manage and operate the Trident Hilton hotels and Hilton Towers.
During the year under review, the company launched the motor vessel Vrinda, a luxury cruiser in the backwaters of Kerala. EIH's latest managed property, Trident Hilton Gurgaon opened on. January 27, 2004. Business conditions in the current year are showing a marked improvement over the past year, say company executives. Barring unforeseen circumstances, the prospects for the current fiscal are very encouraging.
At the management level managing director S.S. Mukherji has been re-designated vice chairman and managing director while Vikram Oberoi and Arjun Oberoi have been inducted as whole time directors effective and have been designated deputy managing directors. These appointments are effective July 1, 2004.