Latest News | EIH Q2 Net Loss at Rs 118.77 Cr Due to COVID-19 Pandemic Impact

New Delhi, Nov 4 (PTI) Hospitality firm EIH Ltd, which runs hotels and resorts under the Oberoi and Trident brands, on Wednesday reported a consolidated net loss of Rs 118.77 crore for the quarter ended September on account of the impact of the COVID-19 pandemic.

The company had posted a net profit of Rs 30.55 crore for the corresponding period of the previous fiscal, EIH said in a BSE filing.

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Consolidated total income of the company stood at Rs 84.80 crore for the quarter under consideration. It was Rs 351.17 crore for the same period a year ago.

A nationwide lockdown was imposed across India on March 24, 2020, whereby hotel operations were mandated to remain non-operational for different periods across various states in the country.

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This had a severe impact on business at the company's and its subsidiaries' hotels and other operations acrossIndia and overseas for the half-year ended September 30, 2020, the filing said.

Similar restrictions in other countries also affected business from various international markets, it added.

Post lifting of the lockdown, business at hotels and restaurants have gradually started picking up, especially at leisure locations, the filing said.

Shares of EIH Ltd closed at Rs 74.15 per scrip on BSE, down 0.27 per cent from its previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)