Hospitality major EIH, which runs hotels and resorts under Oberoi and Trident brands, May 30 reported a 77.25 per cent decline in standalone net profit to Rs 12.77 crore for the quarter ended March 2019 due to an exceptional item.
The company had posted a net profit of Rs 56.13 crore for the corresponding period of the previous fiscal, EIH said in a filing to the BSE.
"Exceptional item for the three months ended March 31, 2019, represent a one-off provision of Rs 84.75 crore as against receivable from a single customer in the flight catering business, due to uncertainty in business continuity of the afore-referred customer," it said.
Standalone total income of the company stood at Rs 470.04 crore for the quarter under consideration. It was at Rs 462.58 crore in the year-ago period.
For the entire 2018-19, net profit was at Rs 113.33 crore as against Rs 112.27 crore in the previous year.
The company's total income for the fiscal stood at Rs 1,627.26 crore. It was Rs 1,434.04 crore for 2017-18.
EIH's board has recommended a dividend of Rs 0.90 per share, it said.
Shares of EIH Ltd Thursday closed at Rs 198.55 per scrip on the BSE, up 0.79 per cent from its previous close.
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