Oriental Hotels Ltd Announces 15 Percent Bonus Share and 11.32 Percent Cash Dividends

Oriental Hotels Ltd ( (Hotel Radisson Lazimpat) Announces 15 Percent Bonus Share and 11.32 Percent Cash Dividends

Oct. 30, 2018, 10:59 a.m.

Oriental Hotels Ltd(Hotel Radisson Lazimpat) has announced to distribute 15 percent bonus share and 11.32 percent cash dividends to all its share holders. Tabling annual report of the hotel of 2074/075 at 21st Annual General Meeting, Managing Director of Oriental Hotels Ltd. Anil Das Shrestha said that the Hotel earned Rs. 128,2500000 (over 1.28) billion with operational cost 820. 96 million.

According to the report, the Hotels made Rs. 430.64 million profit. After deducting all the expenditures, the Hotels made a net profit of Rs. 290.4 million. The profit is 21 percent more than the last year.

Twenty-one Annual General Meeting of Oriental Hotels Ltd. concluded on Monday. On behalf of board of directors, Managing Director Anil Das Shrestha tabled annual report of the hotel of 2074/075.

As per the government decision of 2074, all the listed companies need to file annual Financial Report following IFRS and NFRS standard. Oriental Hotels Ltd is a first listed company of Nepal to prepare its report on the basis of International Financial Report Standard (IFRS) and Nepal Financial Report Standard (NFRS). The hotels also received Best Presented Annual Report Award given by Nepal Chartered Accountant Association.

Given the growing competitive market and to meet the demand of customers, the Hotels have announced a plan to renovate 6th and 7th floor and add AC and other facilities.

According to a press release, the hotel will start new construction of new building as per the expansion plant from this year. The extended new building will include more parking space, 75 modern rooms and conference and coffee shop with a capacity of 100 persons.

The Hotels has also announced its plan to issue FPO to increase its equity next year. The Hotels hold the view that after raising equity the profit margin will also increase. in future.

As the chairman of Board is currently outside the country for treatment, he addressed Annual General meeting through a video conference.

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