Reporting its first profit in 14 years, Oriental Hotels Limited on Monday announced 10 percent bonus shares (including tax) to its shareholders. The company which operates five-star Radisson Hotel in Kathmandu made a profit of Rs 210 million in the last fiscal year 2013-14.
The company reported a net profit of Rs 50.64 million after deducting cumulative loss amounting to Rs 159.4 million until previous fiscal. The company’s total earning stood at Rs 1.07 billion last fiscal with its operating expenses at Rs 634 million.
“Due to various negative circumstances, the tourism sector had suffered during the post 2000 period, forcing about 9-10 star hotels to close down,” the Oriental said in a statement. “This hotel also had to incur loss due to unfavourable situation.”
The tourism industry outlook looks good if there is a political stability in the future that would further boost the hotel’s income, the statement added. The hotel’s 17th annual general meeting is scheduled for October 10.
Radisson had added 105 premium rooms in the new extension in 2012.
25.75°C Kathmandu
