27th AGM of Oriental Hotels held

KATHMANDU, Oct 07:The 27th Annual General Meeting of Oriental Hotels Limited was held on Thursday 20th Ashwin 2081 at Nepal Administrative Staff College, Jawalakhel, Lalitpur under the chairmanship of Mrs. Subhadra Shrestha, the Chairman of the company. 

On this occasion, the company's annual report of the board of directors for the financial year 2080/081, the balance sheet for the end of 2081 with the auditor's report, the profit and loss account and cash flow statement for the financial year 2080/081 ended on the same date and the comments related to the financial statement of the same period were passed.

In the financial year 2080/081, the total revenue of this hotel was Rs.121.67 crores and the total operating expenses were Rs.96.70 crores and the total operating profit was Rs.24.97 crores and all other expenses included the total profit was Rs.12.40 crores whereas the last year’s profit was Rs.18.46 crores. 

Since there was an extraordinary income in the previous year's profit, if we remove it and compare it, the hotel's sales and profits has increased. Looking at the current situation, it is predicted that there will be an increase in tourism arrivals in the coming days.

In this financial year, the company has decided to distribute 5.26316 percent dividend, out of which the bonus share is 5 percent and 0.26316 percent for tax purposes is Rs. 29.68 lakh cash dividend. The construction of the company's new building will be completed this year and will be operational, which will increase the company's income. Likewise, the work of modernizing the third, fourth and fifth floors of the main building has been started.

Similarly, this hotel has been awarded Gold Award for the National Best Presented Annual Report Award 2023 by the Nepal Chartered Accountant Institute for presenting the best financial statements according to the Nepal Financial Report Standards.

In the end, the Chairman of the meeting expressed her gratitude to all the shareholders and stakeholders, assuring them that the hotel will be operated according to the suggestions received from the shareholders.