Chandragiri Hills Cable Car Slips Into Loss, Operations Disrupted After Vandalism and Fire

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NEPSE TRADING

Chandragiri Hills Cable Car Slips Into Loss, Operations Disrupted After Vandalism and Fire

Kathmandu — Chandragiri Hills Limited has posted a loss in the first quarter of the current fiscal year. According to the company’s recently published financial report, it recorded a net loss of Rs 12.4 million during the period. In contrast, the company had earned a net profit of Rs 25.5 million in the same quarter of the previous fiscal year.

The company has attributed the loss primarily to the vandalism and arson that occurred on Bhadra 24 during the Gen Z protest movement. Following the incident, services at the resort were affected, and the cable car’s bottom station suffered significant damage, forcing the company to suspend cable car operations for nearly two months. The prolonged shutdown directly impacted the company’s revenue.

Sharp Decline in Revenue

Chandragiri Hills had reported total revenue of Rs 195.8 million in the first quarter of the previous fiscal year.
This year, however, revenue fell sharply to Rs 138.7 million in the same period.

The decline reflects reduced visitor inflow and the extended shutdown of key services.

Financial Costs Decrease

Due to declining bank interest rates, the company’s financial expenses have decreased.
Financial costs were Rs 44.9 million in the previous year’s first quarter but reduced to Rs 34.1 million this year.

However, the reduction was not enough to offset the steep fall in revenue.