Kolkata, May 29 (IANS) EIH Limited, a member of The Oberoi Group, Tuesday announced that it has clocked a 89.68 percent hike in its net profit to Rs.122.42 crore during fiscal 2011-12 from Rs. 64.54 crore in the previous fiscal.
According to a release here, the company's profit before tax stood at Rs.155.00 crore during 2011-12 as compared to Rs.85.49 crore in the previous year.
P.R.S. Oberoi, chairman of EIH Limited, said: "After two exceptionally bad years, the global hospitality industry was expected to recover in 2011. Despite encouraging signs in the first half of 2011, there was growing uncertainty during the latter part of the year. As a result, recovery has been fragile during 2011. The situation in India mirrors this overall global trend.
"Whilst we may face a slower growth outlook in the short to medium term, there is, undoubtedly, considerable potential for long term growth," Oberoi added.
EIH Limited owns and manages hotels in Mumbai, New Delhi, Bangalore, Kolkata, Udaipur and Ranthambhore.