Oriental Hotels announces 10 per cent bonus shares
Oriental Hotels yesterday announced 10 per cent bonus shares – including tax – to its shareholders, as it has posted profit first time in last 14 years.
It registered a profit of Rs 210 million in the last fiscal year 2013-14.
Oriental Hotels – that operates five-star Radisson Hotel in Kathmandu posted
a net profit of Rs 50.64 million after deducting cumulative loss amounting to Rs 159.4 million until previous fiscal year, according to the unaudited statement of the company.
It earned Rs 1.07 billion in the last fiscal year, whereas it spent Rs 634
million, the Oriental Hotels said in the statement. "The hotel had to incur loss due to unfavourable situation post 2000 due to various negative circumstances," it added.
The hotel has scheduled its 17th annual general meeting on October 10, when the proposed bonus will be approved.
Radisson added 105 premium rooms in the new wing in 2012, after the country witnessed continuous increment in tourist arrivals.