EIH has reported an increase in total revenue to Rs 292.58 crore in Q1 (April-June) of 2014-15 against Rs 277.51 crore in the comparable quarter last year. This was because of an average higher room rent at Rs 8,373 (Rs 7,728) and occupancy level of around 62 per cent.
PAT was at Rs 6.41 crore (Rs 10.55 crore). Profitability was impacted on account of higher salaries and depreciation of around Rs 7 crore. “Higher depreciation was for change of norms brought in by the new Companies Act,” said PRS Oberoi, Executive Chairman of EIH, after the company’s AGM here on Wednesday.
He said the cost of the proposed owned properties in Bangalore and Goa would be around Rs 1,000 crore. “The construction of the two projects would start in 2015. Of the cost, 60 per cent would be funded by debt,” the Vice-Chairman and CEO said. The Bangalore project would involve 250 rooms and 65 serviced apartments, and the Goa property 80 rooms and 15 villas.