EIH slips into loss in Q2 | business | Hindustan Times
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EIH slips into loss in Q2

business Updated: Nov 01, 2012 21:34 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Hospitality major EIH Ltd, in which Reliance Industries Limited entered as a board member in 2010, registered a net loss of Rs. 18.3 crore for the quarter ended September 2012, on account of increased operational expenses.

It had registered a net profit of Rs. 16.6 crore in the year-ago period.

EIH, that owns the Oberoi Hotel brand, has slipped into the red for the first time in more than two years.

It has registered a net loss of Rs. 8.9 crore for the first half of the current fiscal against a net profit of Rs. 32.0 crore for the year-ago period.

ITC was believed to be keen to up stake in EIH.

However, in 2010, RIL entered EIH as stakeholder and bought 14.8% from the company for Rs. 1,021 crore.

In the first week of November, ITC raised its stake in EIH by 1% for Rs. 41.9 crore.

ITC bought 5.73 million shares while HSBC Bank (Mauritius) sold 5.74 million shares for Rs. 41.93 crore.

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