Orient Hotels presents its financial report in its AGM
30th Oct, 2018 | Tourism Mail Crew
KATHMANDU, Oct 30: Oriental Hotels organized its 21st annual general meeting (AGM) in Kathmandu under the leadership of Managing Director of the company Anil Das Shrestha. During the AGM, Shrestha presented the financial report of the company for the fiscal year 2017-18. As per the report, Oriental Hotels was able to earn net income worth Rs 1.25 billion and its net operating expense was worth Rs 829 million in the last fiscal.
Meanwhile, the company was able to earn Rs 436 million as operating profit. Similarly, it earned net profit worth Rs 290 million in the last fiscal, which is a growth of 21.65 per cent as compared to the previous fiscal. The profit is 21 percent more than the last year.Oriental Hotels has also decided to distribute 15 per cent bonus shares and 11.32 per cent cash dividend for tax purposes to its shareholders from the profit made in the last fiscal year.
As per the government decision of 2074, all the listed companies need to file annual Financial Report following IFRS and NFRS standard. Oriental Hotels Ltd is a first listed company of Nepal to prepare its report on the basis of International Financial Report Standard (IFRS) and Nepal Financial Report Standard (NFRS). The hotels also received Best Presented Annual Report Award given by Nepal Chartered Accountant Association.
Given the growing competitive market and to meet the demand of customers, the Hotels have announced a plan to renovate 6th and 7th floor and add AC and other facilities. The hotel will start new construction of new building as per the expansion plant from this year. The extended new building will include more parking space, 75 modern rooms and conference and coffee shop with a capacity of 100 persons.
The Hotels has also announced its plan to issue FPO to increase its equity next year. The Hotels hold the view that after raising equity the profit margin will also increase. in future.As the chairman of Board is currently outside the country for treatment, he addressed Annual General meeting through a video conference.