June 30: EIH Limited has posted a net profit of Rs 28.17 crore, an increase of 82 per cent over the previous year. The operating profit rose 46 per cent at Rs 118.49 crore compared with Rs 81.32 crore in the previous year.

The total revenue of the company increased 16 per cent to Rs 504.49 crore from Rs 435.28 crore in 2002-03. The company has proposed a dividend of 30 per cent.

Chairman P. R. S. Oberoi said after two difficult years, business conditions have shown an improvement. Occupancies and average room rates have shown an upward trend since October 2003, he added.

Vikram Oberoi and Arjun Oberoi have been inducted as whole-time directors and designated as deputy managing directors. Managing director S. S. Mukherji has been re-designated as vice-chairman and managing director.

The foreign exchange earnings of the company stood at Rs 262 crore and total shareholder funds at Rs 987 crore.

Under the strategic alliance agreement with Hilton International effective from April 1, 2004, Trident Hotels in India have been re-branded as Trident Hilton and Oberoi Towers as Hilton Towers.

According to the agreement, Hilton will provide international marketing, promotion and reservation services through the Hilton network. EIH Limited will continue to manage and operate the Trident Hilton hotels and Hilton Towers.

Trident Hilton, Gurgaon, the company’s latest managed property opened on January 27, 2004, has received an overwhelming response till date. The company also launched a luxury cruise — Vrinda — in the backwaters of Kerala on November 1, 2003.

Ispat profit dips

Ispat Industries ltd has posted a lower net profit of Rs 40.33 crore on a consolidated basis for the year ended March 31, 2004, compared with Rs 72.69 crore registered during the same period of previous fiscal.

The company’s total income (net of excise) rose to Rs 3,820.39 crore for the reporting fiscal, as against Rs 3,123.23 crore recorded in 2002-03.

On a standalone basis, the company posted a lower net profit of Rs 44.32 crore for the reporting fiscal (Rs 82.83 crore), on a total income of Rs 3,820.53 crore (rs R,123.23 crore).

Ceat net declines

Tyre major Ceat Ltd has reported a decline in net profit at Rs 14.06 crore for the fiscal ended March 31, 2004 over Rs 18.41 crore posted in the previous year even as the company has hiked prices by 1-2 per cent for its entire product range effective tomorrow.

The board has recommended a dividend of 10 per cent for the fiscal 2003-04, the company said in a release.