Hospitality company Hotel Leelaventure today posted net loss of Rs 26.49 crore for the first quarter ended June 30.
The company had a net profit of Rs 9.24 crore during the same period last fiscal.
"The company has incurred a loss mainly due to the impact of interest and depreciation on account of opening of The Leela Palace, New Delhi," it said in a statement.
The firm's net sales for the first quarter of the current fiscal increased 14.18% at Rs 124.72 crore, compared to Rs 109.23 crore in the same quarter last fiscal.
Commenting on the results, Hotel Leelaventure Vice-Chairman and MD Vivek Nair said: "The Leela Palace, New Delhi is expected to stabilise its operations with the opening of its new restaurants 'Le Cirque' and 'Megu' and when the ensuing peak season sets in."
The company's scrips closed at Rs 45.95, up 8.50% from the previous close on the BSE.
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