EIH ASSOCIATED HOTELS LTD-$
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BSE Code:
523127
NSE Code:
EIHAHOTELS
Business Profile
Business Profile
EIH Associated Hotels (EIHASSO) is in the business of running luxury hotels in India. It was incorporated as Pleasant Hotels on Mar. 21, 1983 and got its present name on Nov. 01, 1996. The Oberoi group, which holds controlling interest in the company, owns or manages 33 hotels and luxury cruisers in five countries under the Oberoi Hotels & Resorts and Trident brands. The group is also engaged in flight catering, airport restaurants, car rentals, travel and tour services, corporate air charters and project management.
The company owns and manages the 138-room Trident, Agra; 137-room Trident, Jaipur; 143-room Trident, Udaipur; and 167-room Trident, Chennai. The Oberoi group uses the Trident brand name for its 4/5-star category of hotels. Under a scheme of arrangement between EIH and EIH Associated Hotels, the company now owns The Oberoi Cecil, Shimla and the 62-room Trident, Bhubaneswar from Apr. 1, 2006. The wholly owned subsidiary, Island Hotel Maharaj, owns one hotel.
Acquisition of about 162,000 sq ft of space at the Bandra-Kurla complex in Mumbai from the Mumbai Metropolitan Regional Development Authority for Rs 1.21 billion has enabled the company to enter the commercial capital of India and has planned to open the Trident Bandra Kurla, Mumbai. As part of the company`s endeavors to constantly upgrade its properties and create new facilities, a new seafood restaurant at Trident Hilton, Chennai, and renovation of the restaurant at Trident Hilton, Agra is on the cards.
The registered office is located at 1/24, G.S.T. Road, Meenambakkam, Chennai-600027.
Financials
EIH Associated Hotels registered a 16.47% growth in net profit to Rs 113.4 million for the quarter ended December 2007 from a profit of Rs 97.36 million for the quarter ended December 2006.
Net sales rose 12.33% to Rs 586.5 million for the quarter ended December 2007 from Rs 522.1 million for the quarter ended December 2006.
Total income rose 12.61% to Rs 590.3 million for the quarter ended December 2007 from Rs 524.2 million for the quarter ended December 2006.
The earnings per share (EPS) of the company stood at Rs 5.79 for the quarter ended December 2007.
Recent Developments
26-SEP-07
EIH decided to terminate its strategic alliance for marketing and co-branding with Hilton International for the `Trident Hilton` brand in India from Mar. 31, 2008. The company gave notice to Hilton International.In consequence, the existing `Trident Hilton` hotels in Gurgaon, Agra, Jaipur, Udaipur, Bhubaneshwar, Chennai and Cochin will be rebranded as `Trident` hotels from Apr. 01, 2008. The Hilton Towers in Mumbai will also be rebranded as `Trident Towers`.
The company wants to independently pursue the development of its `Trident` brand in India and could not do so and maintain the Hilton alliance at the same time.
Future Plans
Under its expansion plan, the company is going to launch new 440-room Trident at Bandra Kurla Complex, Mumbai, in 2008.