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EIH net slumps 79 pc

KOLKATA: EIH Ltd, a member of the Oberoi group, has recorded a drop of 79 per cent in profit after tax (after adjusting against both current and deferred tax) at Rs 1.73 crore for the second quarter ended September 30, 2001 as against Rs 8.29 crore recor ded in the corresponding quarter of 2000-2001.

The net profit for the half-year ended September 30, 2001 has shown a slump of 42 per cent at Rs 12.23 crore from the Rs 21 crore for the same period of last financial year. The PBT was Rs 3.07 crore (Rs 10.89 crore).

The unaudited financial results for the period under review was taken on record by a committee of the board of directors of the company at its meeting here on Monday.

The total income for the quarter under review dropped to Rs 104 crore from the Rs 119.29 crore achieved for the same period of last fiscal. While total expenditure went down to Rs 87.48 crore (Rs 96.08 crore), interest element has shown a slight increase at Rs 4.79 crore (Rs 4.48 crore). Deferred tax was placed lower at Rs 1.34 crore (Rs 1.70 crore). Net sales for the quarter was at Rs 192.36 crore (Rs 215.78 crore).

For the year ended March 31, 2001, the company recorded net sales of Rs 477 crore. The paid-up equity as on March 31, 2001 was Rs 52.39 crore. Net profit was Rs 94.82 crore.

According to the note attached to the results, following the relevant accounting standard, an amount of Rs 81.39 crore has been determined as deferred tax liability as on March 31, 2001, and the general reserve has been reduced by this amount of deferred tax. The reserves (excluding revaluation reserves) as on March 31, 2001 was placed at Rs 651.61 crore. As per the note, the first-half results are generally not indicative of a full year's working in the hotel industry. -- Our Bureau