Radisson Hotel Kathmandu announces per cent Bonus Share and Cash Dividends
On Monday, October 29, Oriental Hotels Ltd (Radisson Hotel Kathmandu) held the 21st Annual General Meeting, with the Chairman of Board who is out of the country on video call. The hotels declared to issue 15 per cent bonus share and 11.32 per cent of cash dividends to its shareholders. According to the annual report of the hotel of 2074/075, Anil Das Shrestha, the Managing Director of Oriental Hotels Ltd, reported that the Hotel earned Rs 1,282,500,000 with the operational cost of 820. 96 million. The hotels made Rs 430.64 million in profit and after discounting expenditures, the Hotels made a net profit of Rs 290.4 million, 21 per cent more profit than the previous year.
Oriental Hotels Ltd is the first company to complete its report following the International Financial Report Standard (IFRS) and Nepal Financial Report Standard (NFRS). Along with Oriental Hotels Ltd, all other listed companies must file the same report, according to the 2074 government decision. The hotels were also presented with the Best Presented Annual Report Award from the Nepal Chartered Accountant Association.
Oriental Hotels Ltd announced its commencement to renovate the 6th and the 7th floor and add AC along with more facilities. The hotel will also begin the construction of an additional building, which will include a larger parking space, 75 rooms, conference rooms and a coffee shop, holding up to 100 people.
The group also announced its plan to issue FPO to increase its equity next year. The Hotels hold the view that after raising equity the profit margin will also increase in future.