EIH Q3 Net Profit Slides Over 27% to 32.77 Cr

Bangalore: EIH Ltd that runs hospitality chain under Oberoi and Trident brands todayreported 27.58 per cent decline in net profit at 32.77 crore for third quarter ended December 31, 2012 due to higher overall expenses.

The company had posted net profit of 45.25 crore in the same quarter last fiscal, the company said in a filing to the BSE.

Net sales during the quarter under review stood at 318.37 crore as against 312.53 crore, it added.

The company's total expense during the third quarter this fiscal stood at 261.04 crore as compared to 239.94 crore in the corresponding period last year.

In a separate filing, the company said its board has also approved a management restructuring under which the overall management responsibility and authority has been handed over SS Mukherji, the incumbent Vice Chairman.

"Accordingly, Mukherji is re-designated as Vice Chairman & Chief Executive Officer of the company," it said.

PRS Oberoi, who was earlier the Chairman and Chief Executive, will now be the Executive Chairman, and "will look after the development of future projects of the company and continue to advise and guide the Vice Chairman & Chief Executive Officer and other Executive Directors, as and when required."

Scrips of EIL Ltd closed at 70.50 per share, down 0.56 per cent from their previous close on BSE.

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