1. EIH shares tank 6 per cent on weak Q1 earnings

EIH shares tank 6 per cent on weak Q1 earnings

Shares of hospitality major EIH tanked 6 per cent on Wednesday after it posted a standalone net loss of Rs 12.24 crore for the June quarter as compared to net profit of Rs 21.15 crore for the corresponding period of the previous fiscal.

By: | Updated: August 3, 2016 5:09 PM
EIH shares tank 6 per cent on weak Q1 earnings Shares of hospitality major EIH tanked 6 per cent on Wednesday after it posted a standalone net loss of Rs 12.24 crore for the June quarter as compared to net profit of Rs 21.15 crore for the corresponding period of the previous fiscal. (Photo: Reuters)

Shares of hospitality major EIH tanked 6 per cent on Wednesday after it posted a standalone net loss of Rs 12.24 crore for the June quarter as compared to net profit of Rs 21.15 crore for the corresponding period of the previous fiscal. The net sales of the company stood at 273.64 crore , down 8.39 per cent against Rs 298.71 crore in the corresponding quarter. The operating profit fell 29.04 per cent to Rs 33.35 crore in June quartere against Rs 47 crore in the same quarter last year.

At 2.40 pm, the scrip was trading 4.26 per cent down at Rs 111.20. The scrip opened at Rs 114 and touched a high and low of Rs 114 and Rs 109.30, respectively, in trade so far. Later, the share price of the company ended 3.92 per cent down at Rs 111.60.

“The exceptional items for the the three months ended June 30, 2016 represents write off of assets arising out of renovation of the Oberoi, New Delhi”, EIH said. The exceptional items for the three months ended June 30,
2015 represents profit on sale of property at Darjeeling, West Bengal, it added.

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