The Oberoi, New Delhi to open in January, 2018 Reviewed by Momizat on . Addressing the 67th AGM of EIH Limited, the flagship company of The Oberoi Group in Kolkata on 2nd August, 2017, PRS Oberoi, the executive chairman announced th Addressing the 67th AGM of EIH Limited, the flagship company of The Oberoi Group in Kolkata on 2nd August, 2017, PRS Oberoi, the executive chairman announced th Rating: 0
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The Oberoi, New Delhi to open in January, 2018

Addressing the 67th AGM of EIH Limited, the flagship company of The Oberoi Group in Kolkata on 2nd August, 2017, PRS Oberoi, the executive chairman announced that The Oberoi, New Delhi, which was originally scheduled to open in early April, 2018 after complete renovation, will now open in January. “The progress on site has been very satisfactory. The Oberoi, New Delhi is expected to retain its iconic position in the Capital which it has enjoyed since it first opened in the year 1965.”
He further added that during the first quarter of 2017-18, the company’s total revenue was INR 303 crore as against INR 279 crore last year, an increase of approximately 9%. In spite of moderate increase in revenue, primarily because of refund of interest on taxes and various adjustments of other duties and taxes, the company showed much better performance in terms of profitability compared to last year. EBIDTA was INR 47 crore as compared to INR 33 crore last year, an increase of 40%. Profit before tax was INR 18 crore as compared to a loss of INR 19 crore last year. Profit after tax has been INR 11 crore as compared to loss after tax of INR 12 crore last year.

PRS Oberoi was optimistic that the company will improve revenue and profitability at its hotels and business units to partly offset the revenue loss from the closure of The Oberoi, New Delhi. The earlier than expected opening of The Oberoi, New Delhi in January, 2018 will further contribute to the revenue and profitability of the Company.
Incidentally, The Oberoi Marrakech is in the final phase of completion and is expected to open in the last quarter of 2017.

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