Kathmandu. Chandragiri Hills Limited has earned an operating income of Rs. 456 million in the first nine months of the current fiscal year 2082/83. Although the cable car service was halted for about three months due to the vandalism and arson caused by the Genji agitation on September 24, the company’s business performance has been satisfactory.
Earlier, the company’s income reached Rs 1 billion in the financial year 2080/81 and Rs 902 million in the financial year 2081/82. The company has reported a net loss of Rs 90 lakh in the first nine months of the current fiscal year due to delay in reconstruction of structures and disruption in business. The company, which had made a net profit of Rs 187 million in the last fiscal year 2081/82, has been directly affected by the disruption in the profit after the agitation.
The closure of the cable car has also had a negative impact on the company’s resort business. The occupancy rate of the resort has come down to 22 percent in this period from 36 percent last year.
Considering the financial health of the company, ICRA Nepal has reaffirmed the issue rating of Chandragiri Hills to ICRA-IR BB Plus. At the same time, the company has also been removed from the monitoring list with negative impacts. ICRA Nepal believes that the financial risk of the company has been reduced due to the resumption of cable car operation and the management of loan repayment schedule. Currently, the company’s long-term debt limit is set at Rs 2.04 billion.
The company has proposed to issue 100% (1:1) right shares to reduce its debt and reduce its financial burden. The proceeds from this will be used mainly to repay the bank’s loans, which is expected to further strengthen the company’s capital structure in the coming days.
Established in 2009, IME Group is the main leadership of the company. Hemraj Dhakal is the largest shareholder of the company. Chandra Prasad Dhakal, Uttam Kumar Nepal, Ambika Prasad Poudel, and Bhatbhateni Supermarket are among the major investors in the company. In recent years, the company has been strengthening its brand image by diversifying into cable cars as well as adventure tourism and resort services.
प्रतिक्रिया दिनुहोस्
