Radisson Hotel Group hosts its 26th AGM

Published On: October 13, 2023 03:53 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Oct 13: Radisson Hotel Group held its 26th Annual General Meeting (AGM) on Thursday at the Nepal Administrative Training Institute, Jawalakhel, Lalitpur. The meeting was chaired by Subhadra Shrestha, President of the company.

On this occasion, the annual report of the Board of Directors of the company for the fiscal year 2022/23, the balance sheet for the end of 2023 with the auditor's report, the profit and loss account and cash flow statement for the fiscal year 2022/23 ended on the same date and the comments related to the financial statement of the same period were passed. It was said that they are transparently preparing their financial reports every quarter and annually as determined by the Nepal Financial Reporting Standards (NFRS) prepared in accordance with the International Financial Reporting Standards (IFRS).

According to the press statement issued by the company, the total income of this hotel in the Fiscal Year (FY) 2079/080 stood at Rs 121.10 crores and the total operating expenses remained at Rs 79.48 crores on which Rs 41.63 crores was operating profit and after deducting all the expenses, the net profit was Rs 16.09 crores while the loss was Rs 2.46 crores in the previous year.

The arrival of tourists continues to improve this year due to the significant increase in profit compared to the previous year. Looking at the current situation, it is predicted that there will be an increase in tourism arrivals in the coming days, according to the company.

The company has decided to give a cash bonus of 5.27 percent (including tax) in this FY to its shareholders. The officials of the company said that the work of the new building of the company built by this company is going on rapidly and the goal of completion of the construction by the end of this year has been taken. The officials of the company also said that the 3rd, 4th and 5th floors of the main building will be reconstructed and modernized from this year.

In the end, the chairman Shrestha expressed his gratitude to all the shareholders and stakeholders, assuring them that the hotel will be operated according to the suggestions received from the shareholders.