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EIH profit takes a hit

Calcutta, Jan. 30: Hospitality major EIH Ltd today posted a 27.5 per cent decline in net profit for the quarter ended December at Rs 32.77 crore against Rs 45.25 crore in the same period a year ago.

The company, which operates the Oberoi and Trident chain of hotels, reported net sales of Rs 318.37 crore against Rs 312.53 crore in the year-ago period.

Total expenses, which rose to Rs 261.04 crore from Rs 239.94 crore, pulled down the bottomline.

However, on a quarter-on-quarter basis, there was an improvement in net profit and income from operations. During the quarter ended September 2012, the company’s net sales stood at Rs 231.07 crore and it had suffered a loss of Rs 18.30 crore.

The EIH scrip today ended at Rs 70.50 on the Bombay Stock Exchange, down 0.56 per cent from the previous close.

The company today said in a filing to the BSE that its board had approved a management restructuring that would give more authority to incumbent vice-chairman S.S. Mukherji.

“The overall management responsibility and authority is handed over to S. S. Mukherji,” the company said. Accordingly, he is redesignated as “vice-chairman and chief executive officer”.

P.R.S Oberoi, who was the chairman and chief executive officer, will become the executive chairman.

“As executive chairman, P.R.S. Oberoi will look after the development of future projects of the company and continue to advise and guide the vice-chairman and chief executive officer and other executive directors, as and when required,” the filing added.

Dena Bank

Dena Bank has posted a 10.6 per cent rise in net profit at Rs 206.44 crore in the quarter ended December on the back of a Rs 24-crore income from asset sale at a time its bad loans increased and margins crimped.

The newly-appointed chairman and managing director of the PSU bank, Ashwani Kumar, said the rate cuts by the Reserve Bank of India yesterday would put further pressure on the margins in the short-to-medium term as slashing deposit rates would not be easy.

 
 
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