Kathmandu, September 4, 2024—Oriental Hotels Limited, located in Lazimpat, Kathmandu, has released its unaudited financial statement for the quarter ending December 31, 2023 (Poush 15, 2080), showing a steady increase in its total assets compared to the previous quarter and the corresponding period of the previous year. Oriental Hotels Limited is the company that owns or operates the Radisson Hotel in Kathmandu, Nepal.

The company recorded a revenue of NPR 560.1 million from operations during the quarter, a dramatic rise from NPR 211.5 million in the previous quarter ending September 30, 2023, and NPR 439.1 million in the corresponding quarter of the previous year. In addition to operational revenue, the hotel generated NPR 15.4 million from other income sources, slightly higher than the previous quarter’s NPR 14.1 million but lower than the NPR 22.8 million recorded in the same period last year.

Gross Profit: The gross profit for the quarter was NPR 575.5 million, significantly up from NPR 225.7 million in the previous quarter and higher than the NPR 461.8 million recorded in the same period last year.

Total Expenses: The total expenses for the quarter amounted to NPR 479.2 million, compared to NPR 197.9 million in the previous quarter. The cost of food, provisions, and beverages consumed saw a significant increase to NPR 72.2 million, from NPR 29.5 million in the previous quarter. Employee benefits expenses also rose to NPR 190.4 million, up from NPR 76.9 million in the last quarter.

Net Profit: The hotel reported a net profit of NPR 53.5 million for the quarter, a substantial increase from NPR 12.7 million in the previous quarter. This marks a notable improvement from the NPR 36.6 million net profit recorded in the corresponding quarter of the previous year.

The sharp rise in profits is attributed to increased revenue from operations and effective cost management strategies. However, the company also faced higher finance costs, which stood at NPR 28.4 million, up from NPR 11.7 million in the previous quarter.

The total assets of the company stood at NPR 5.609 billion as of December 31, 2023, a slight decrease from NPR 5.754 billion recorded in the previous quarter ending September 30, 2023. However, this represents a significant increase compared to NPR 3.436 billion in the same period of the previous year.

Non-Current Assets: The company reported non-current assets of NPR 4.868 billion, a slight increase from NPR 4.793 billion in the previous quarter. The largest component remains property, plant, and equipment, valued at NPR 3.931 billion.

Current Assets: Current assets were reported at NPR 740.361 million, down from NPR 961.357 million in the previous quarter. The decrease was primarily due to a reduction in trade receivables and cash and cash equivalents.

Total Equity: The total equity of the company increased slightly to NPR 3.864 billion from NPR 3.823 billion in the previous quarter, highlighting a stable financial position.

Liabilities: The company’s non-current liabilities rose to NPR 1.309 billion, up from NPR 1.220 billion in the previous quarter. Current liabilities, however, decreased to NPR 435.468 million from NPR 710.817 million.

The report indicates that Oriental Hotels Limited continues to maintain a strong financial position, with consistent growth in assets and equity, despite fluctuations in current liabilities and assets.

These financial results reflect the company’s ongoing efforts to strengthen its asset base and manage its liabilities effectively, positioning it well for future growth and stability in the competitive hospitality industry in Nepal.