KATHMANDU, August 15: Four hotels among the hotels listed on the Nepal Stock Exchange (NEPSE) reported improved business and three reported increase in profits for the last fiscal year (FY 2023/24).

Soaltee Hotel and Taragaon Regency Hotel (Hyatt Hotel) have shown notable growth in profit, while others faced decline in profit.

Soaltee Hotel recorded a net profit of Rs 61 million in FY 2023/24, an increase from Rs 59.9 million in the previous fiscal year (FY 2022/23). The hotel’s total revenue for last FY was Rs 2.49 billion, up from Rs 2.25 billion the previous year.

Taragaon Regency Hotel also saw significant profit growth, with a net profit of Rs 518 million in FY 2023/24, compared to Rs 404 million in FY 2022/23. The hotel’s total income rose to Rs 1.73 billion, up from Rs 1.57 billion the previous year.

In contrast, Oriental Hotels Limited (Radisson Hotel) experienced a decline in profits, reporting Rs 122.23 million last year, down from Rs 160.9 million in the previous year—a 23.99 percent decrease. This drop was attributed to a reduction in events like weddings, a significant drop in banquet sales, and increased staff and other expenses. Additionally, the opening of new hotels and renovations to compete with newer properties also impacted profits.

City Hotel (Hyatt Place), another NEPSE-listed hotel, managed to reduce its losses from Rs 272.2 million in FY 2079/80 to Rs 204 million in FY 2080/81. This reduction was largely due to an increase in operating income, which rose from Rs 473.1 million to Rs 504.2 million over the same period. However, the hotel faced challenges such as a decrease in customer arrivals due to flood-related news, higher costs for customers due to a government-imposed luxury tax, and increased competition from the opening of many branded hotels in Nepal.