Oriental Hotels holds 25th AGM

KATHMANDU: Oriental Hotels held its 25th annual general meeting (AGM) in Kathmandu, on Thursday. The AGM held at Rastriya Sabha Griha in Pradarshini Marg was chaired by the company's Chairperson, Subhadra Shrestha. The annual balance sheet for the year ending mid-July 2022, profit and loss account, and statement of cash flow for the fiscal year  2021/22 were presented at the meeting and together with the report of the Board of Directors, and audit report. All these reports were adopted by the AGM. During the FY 2021/22, the total revenue of the Hotel was Rs 622.2 million, the total operating expenditure being Rs 590 million, and operating profit was Rs 32.2 million; there was a net loss of Rs 24.6 million, after deducting all other expenses. During FY 2020/21, the total revenue was only Rs 131.2 million and a net loss of Rs 203.6 million. The foremost reasons for this notable reduction in loss are the weakening impact of the Covid 19 and the increase in tourists' inflow. In previous two years, the hospitality sector suffered beyond measure due to impact of the pandemic, which reduced the inflow of tourists to an insignificant level and government restrictions on the use of hotel premises for all kinds of meetings, conferences, seminars, training, and restriction on the use of swimming pool and health club. However, the future scenario for this sector looks bright as airliners have increased frequency of flights resulting in an increased inflow of tourists. No dividend was declared for FY 2020/21, as there was a net loss of Rs 24.6 million. The AGM was also informed of the progress on the construction of the new ten-storey building, which will be completed within the next 18 months. In the meeting, it was informed that the company has continuously been enhancing its managerial capabilities, and that company subscribes to the principles of transparency and publishes its quarterly and annual financial statements, which are prepared following International Financial Reporting Standards (IFRS) and Nepal Financial Reporting Standards (NFRS). At the end of the meeting, Oriental Hotels Chairperson Shrestha thanked all the shareholders and stakeholders for their continued support and assured them to act on suggestions put forward by the shareholders. READ ALSO:

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