25th AGM of Oriental Hotel concluded

KATHMANDU, Sep 30: The twenty-fifth Annual General Meeting (AGM) of Oriental Hotel Ltd (Radisson Hotel Kathmandu) concluded. Held under the chairmanship of Mrs Subhadra Shestha. AGM also passed annual report of 2021/22 presented by President Shrestha.

The Annual Balance Sheet for the year ending 2079 Ashadh, and Profit and Loss Account and Statement of Cash flow for the year 2021/22 (2078/79)  were presented at the AGM and together with the Report of the Board of Directors, and Audit Report. All these reports were adopted by AGM. 

During the FY 2021/22 (2078/79), the total revenue of the Hotel was Rs. 622.2 million, the total operating expenditure being Rs 590 m, operating profit was Rs 32.2 m.; there was a net loss of Rs 24.6 m. after deducting all other expenses. During FY 2020/21 (2077/78), the total revenue was only Rs. 131.2 m and a net loss of Rs 203.6 m. The foremost reasons for this notable reduction in loss are the weakening of impact of the covid-19 and increase in the inflow of the tourists. 

In previous two years, hospitality sector suffered beyond measure due the impact of Covid-19, which reduced the inflow of tourists to an insignificant level and government restrictions on use of hotel premises for all kinds of meetings, conferences, seminars, trainings, 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 the increased inflow of tourists. 

No dividend was declared for the FY 2021/22 (2078/79), as there was a net loss of the Rs. 24.6 m. AGM was also informed of the progress on the construction of the new ten-storey building, which will be completed within next 18 months. 

AGM was also 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, the Chairperson thanked all the shareholders and stakeholders for their continued support, and assured to act on suggestions put forward by the shareholders in  AGM.