The Oberoi, New Delhi opening in January, 2018 Improved First Quarter Performance
Bangalore, 3rd August, 2017 Addressing the Sixty-seventh Annual General Meeting of EIH Limited (the flagship Company of The Oberoi Group) held in Kolkata today, Mr. P.R.S. Oberoi, the Executive Chairman said, “The Oberoi, New Delhi was originally scheduled to open in early April, 2018 after complete renovation. The progress on site has been very satisfactory and the new hotel is likely to open in January, 2018. The Oberoi, New Delhi is expected to retain its iconic position in the Capital which it has enjoyed since it first opened in the year 1965.”
Mr. P.R.S.Oberoi added, “during the first quarter of 2017-18, Total Revenue of theCompany has been Rs. 303 crores as against Rs. 279 crores last year, anincrease of approximately 9%. In spite of moderate increase in revenue,primarily because of refund of interest on taxes and various adjustments ofother duties and taxes, the Company has shown much better performance in termsof profitability compared to last year. EBIDTA has been Rs 47 Crores ascompared to Rs. 33 Crores last year, an increase of 40%. Profit before tax hasbeen Rs. 18 Crores as compared to a loss of Rs. 19 Crores last year. Profit after tax has been Rs. 11Crores as compared to loss after tax of Rs. 12Crores last year.
Mr. Oberoiwas optimistic that the Company will improve revenue and profitability atits hotels and business units to partly offset the revenue loss fromthe closure of The Oberoi, New Delhi. The earlier than expected opening of TheOberoi, New Delhi in January, 2018 will further contribute to the revenue andprofitability of the Company.
Mr. Oberoistated that Oberoi Hotels & Resorts has been voted the ‘World’s Best HotelBrand’ by the Travel + Leisure, World’s Best Awards Readers’Survey, 2016 for the second consecutive year. Oberoi Hotels & Resorts wasalso rated the ‘World’s Leading Luxury Hotel Brand’ for the fifth consecutiveyear by World Travel Awards, 2016.
On thepeople front, Mr. Oberoi stated that the Company has been recognised as one ofthe best employers in the ‘Aon Best Employers India-2017’ survey.
Mr. Oberoisaid that “these accolades are a testimony to the excellent facilities andexceptional service provided to guests by a team of passionate and committedindividuals.”
In conclusion,Mr. Oberoi said that The Oberoi Marrakech is in the final phase of completionand is expected to open in the last quarter of 2017.