.JPG)
KATHMANDU: Oriental Hotels Ltd on Thursday held its 26th annual general meeting (AGM) under the chairmanship of its President Subhadra Shrestha.
The AGM held at Nepal Administrative Training Institute, in Jawalakhel, Lalitpur passed the annual report of the board of directors of the company for the financial year 2079/80, the balance sheet for the end of 2080 with the auditor's report, the profit and loss account and cash flow statement for the financial year 2079/80 ended on the same date and the comments related to the financial statement of the same period.
In the financial year 2079/80, the total income of Oriental Hotel stood at Rs 1.21 billion and the total operating expenses stood at Rs 794.8 million on which Rs 416.3 million was operating profit and after deducting all the expenses, the net profit was Rs 160.9 million. The hotel incurred a loss of Rs 24.6 million in the previous year.
The arrival of tourists continues to improve this year due to the significant increase in profit compared to the previous year. Looking at the current situation, it is predicted that there will be an increase in tourist arrivals in the coming days.
It was decided to give cash bonus of 5.27% (including tax) in this financial year. The company said that the work of the new building of the company built by this company is going on rapidly and the goal of completion of the construction by the end of this year has been taken.
The AGM decided to reconstruct and modernise the third, fourth and fifth floors of the main building of the hotel this year.
Three months after the end of the financial year, the company has been able to complete the general meeting.
In the meeting, it was informed that they are transparently preparing their financial reports every quarter and annually as determined by the Nepal Financial Reporting Standards (NFRS) prepared in accordance with the International Financial Reporting Standards (IFRS).
The AGM concluded with the chairman Shrestha expressing his gratitude to all the shareholders and stakeholders and assuring them that the hotel will be operated according to the suggestions received from the shareholders.
