Oriental Hotels posts whopping profits

Oriental Hotels Ltd has registered its net profit by almost four times in 2009-10 compared to a fiscal year ago. The company that owns Radisson Hotel in Kathmandu has earned Rs 51.4 million as net profit in 2009-10, while it had earned only Rs 14.1 million in a fiscal ago. The hotel’s income had also gone up by 12.27 per cent to Rs 500 million from Rs 445.9 million in the previous fiscal year.
“The profit rate was increased as the hotel had increased the average occupancy and room tariff rates,” said Gobinda Das Shrestha chairman of the company. However, the hotel has not decided to distribute bonus to its shareholders. “The increased number of tourists entering Nepal has also attributed to the increase in profits,” he said adding that Oriental Hotels Ltd is the first Nepse-listed company to hold its annual general meeting (AGM).
The company also operates and manages the executive lounge and restaurant located in the Tribhuvan International Airport (TIA). “We believe that these outlets will also contribute to the business and facilitate the coming Nepal Tourism Year 2011 (NTY 2011),” he added. Likewise, the hotel has also added 100 more rooms and other services with the view of accommodating increased number of tourists that will visit Nepal during NTY 2011 that aims to attract one million tourists.
Oriental Hotels is one of the four hotels listed on Nepal Stock Exchange (Nepse).
Hotel Soaltee, Hotel Yak n Yeti, Oriental Hotels and Taragaon Regency Hotel that owns Hyatt Regency have listed their 35,434,145-unit shares at the Nepse. The total paid-up capital of these hotels subgroup stands at Rs 2.51 billion. However their contribution to the total trading at the secondary market comes to 1.41 per cent only.

Nabil declares bonus

KATHMANDU: The board of directors (BoD) meeting of Nabil Bank has decided to give 30 per cent cash dividend and 40 per cent bonus share to its share holders. The decision will be carried out after it is approved by Nepal Rastra Bank and the bank’s annual general meeting.