Oriental Hotels’ 24th AGM held

Kathmandu: Oriental Hotels Ltd (Radisson Hotel) held its 24th annual general meeting (AGM) virtually in Kathmandu, on October 5. The meeting was chaired by the company’s chairperson Subhadra Shrestha. During the AGM, Shrestha presented the company’s annual report of fiscal year 2077/78, the balance sheet of Asadh along with audit report, profit and loss statement, and cash transaction details and comments on financial statements. As per the report, Oriental Hotels earned gross income of Rs 131.2 million and made total management expenditure of Rs 334.2 million, incurring a loss of Rs 225.7 million in fiscal 2077/78. Likewise, net losses of Rs 203.6 million were announced. The company had earned a net profit of Rs 66.9 million in the previous fiscal year 2076/77. The report cited the effects of the Covid 19 pandemic, non-arrival of tourists, and the prohibitory orders issued by the government that restricted the holding of meetings, assemblies, gatherings, training, seminars, and prohibition in the operation of swimming pools, health clubs among other recreational venues as the causes for the significant loss. Meanwhile, the meeting decided not to pay dividends to shareholders owing to the loss incurred. Oriental Hotels has planned to continue providing standard services at par with newly-established hotels. It has arranged for the renovation of buildings, replacement of AC systems with the variable refrigerant flow (VRF) system and replacement of boiler that consumes a lot of energy and also affects the environment. The meeting informed that the hotel has developed a new strategy to implement voluntary retirement scheme (VRS), and frugality measures regarding expenses for staff. A minimum number of human resources will be engaged by adopting the set safety protocols. Likewise, the hotel has also planned to seek concession on the interest rate and to expedite under-construction projects being carried out on land owned by the company. Four representatives from among the institutionalised shareholders (Group A) — Subhadra Shrestha, Anil Das Shrestha, Misu Shrestha and Bidhata Shrestha — were unanimously elected as board members while Sunil Lal Shrestha and Prakash Tiwari were elected from among general shareholders (Group B). Likewise, Rabindra Lal Shrestha was elected as an independent board member. The meeting of the board of directors unanimously elected Subhadra Shrestha as chairperson. READ ALSO: Radisson Hotel Kathmandu reopens its Terrace Gardan restaurant