EIH Net Profit Down 56% To Rs 15.47 Cr In 02-03

New Delhi, June 26: | Updated: Jun 27 2003, 05:30am hrs
Oberoi group company EIH Limited has suffered a 56 per cent drop in its net profit to Rs 15.47 crore during the year ended March 2003 from Rs 35.56 crore in the previous year. However, revenue during the year increased to Rs 435.28 crore from Rs 427.33 crore in 2001-02.

Operating profit during 2002-03 was Rs 81.32 crore as against Rs 96.24 crore in 2001-02. The financial results were approved by the board of directors on Thursday which also recommended a dividend of Rs 3 per share (30 per cent), stated a company press release.

EIH has also decided to delist its equity shares from the Chennai and Delhi stock exchanges as there has been no trading in the shares of the companies at these exchanges during over the past two years. EIH shares will continue to be listed as Bombay Stock Exchange, National Stock Exchange and Calcutta Stock Exchange.

EIHs chairman P.R.S. Oberoi said business during the year was not satisfactory. He said the Indian travel and tourism industry has been traumatised by a combination of events such as September 11, 2001 attacks in the US, attack on the Indian Parliament in December 2001, the tension on India-Pakistan border in the spring and summer of 2002 and the travel advisories which severely affected visitor arrivals in the country.