KATHMANDU, OCTOBER 06
The 24th annual general meeting of Oriental Hotel (Radisson Hotel) was held on Tuesday virtually.
Presenting the financial details of the hotel for fiscal year 2020-21, the company President Subhadra Shrestha, who had presided the session, said the net income of the hotel in the review year stood at Rs 131.20 million, whereas the net operating cost was Rs 334.20 million, which resulted in operating loss of Rs 225.70 million and net loss of Rs 203.60 million after deducting all costs.
Consequently, the hotel is not distributing any dividend for fiscal 2020-21. In earlier fiscal, the hotel had earned profit of Rs 66.90 million.
Shrestha informed that the hotel took a financial hit primarily due to the coronavirus pandemic, which resulted in drop in tourist arrivals and government-imposed restrictions to control its spread.
Moreover, Subhadra Shrestha, Anil Das Shrestha, Misu Shrestha and Bidhata Shrestha have been elected to represent institutional investors Group A, while Sunil Lal Shrestha and Prakash Tiwari have been elected to represent common shareholders Group B and Rabindra Lal Shrestha has been elected unanimously as an independent director.
A version of this article appears in the print on October 7, 2021, of The Himalayan Times.