Oberoi Hotels ranked amongst the best in Asia and in the world.
Steady growth. 10 new projects under planning and development.
Profitability in 1st Quarter better than in the previous Quarter.
24th August 2010, Kolkata, India: Addressing the Sixtieth Annual General Meeting of EIH Limited (the flagship Company of The Oberoi Group) held in Kolkata today, Mr. P.R.S. Oberoi, Chairman stated, "The Oberoi, Mumbai which was destroyed by the terrorists in November, 2008 re-opened on 24th April, 2010. The Oberoi, Mumbai has been well received by guests". Mr. Oberoi also said, "The Oberoi, Mumbai is now amongst the best in the region".
Mr. Oberoi added, "Travel + Leisure, a leading international travel magazine, has, in a readers’ poll, ranked one of the Company’s hotels as the Best Hotel in the World; four Oberoi Hotels have been ranked as number 1, 2, 3 and 4 Best in Asia and four Oberoi Hotels have been ranked in the first 15 in the world. No hotel company has received such distinction in the past. The above honours bear testimony to the levels of excellence and service standards that the Company has strived to maintain".
Mr. Oberoi also said, "The demand for hotel rooms in India should grow in this Financial Year. Whilst room rates should begin to improve, margins are likely to be under strain due to high inflation. Appropriate measures have been taken to contain costs, wherever possible, while ensuring service excellence".
The difficult financial landscape of 2009-2010 impacted the Company’s performance during that Financial Year. As a result:
Nonetheless, the previous year’s Dividend of Rs. 1.20 per share had been maintained.
The operating results of the first quarter in this Financial Year are better than that of the first quarter in the previous Financial Year, without considering the estimated income from insurance claims accounted for in the previous Financial Year.
Mr. Oberoi further added, "On 12th July, 2010, we opened our first overseas Flight Kitchen venture at Mauritius. The Kitchen is owned through a wholly owned subsidiary. The 10,000 meals per day capacity Kitchen has cost us approximately US $ 24 million".
Mr. Oberoi pointed out that the Company had completed the following projects/acquisitions:
The opening of Trident, Bandra Kurla, Mumbai and the much anticipated successful re-opening of The Oberoi, Mumbai will ensure that the Company had the requisite inventory of rooms to cater to future demand.
The status of other projects on hand is as follows:
In conclusion Mr. Oberoi further stated, "The last two and half years have been challenging due to the global financial crisis and the terrorist attack on Mumbai in November 2008. I am confident that we have the trained work force and the commitment to meet the challenges of the future and emerge stronger and more profitable".