Q1 Results: Hotel Leela Venture’s Loss Widens On Higher Expenses
Hotel Leela Venture Ltd.’s loss widened in the April-June period due to a rise in its quarterly expenses.
Standalone net loss of the company widened to Rs 66.7 crore from a Rs 23.6 crore loss incurred in the corresponding quarter last year, Hotel Leelaventure said in an exchange filing today. Total income of the company stood at Rs 159.2 crore for the quarter under consideration. It was at Rs 152.9 crore in the year-ago period.
“The results for the first quarter are not indicative of a full year’s working, due to the seasonal nature of the hotel business in India,” said the luxury hotel chain parent in a release accompanying the earnings’ filing.
Total expenses of the company for the quarter stood at Rs 231.7 crore, compared with Rs 176.5 crore in the first quarter of the last fiscal.
Shares of Hotel Leela Venture were trading at Rs 16.05 apiece in afternoon trade on the BSE, up 0.63 percent from the previous close.