Hotel Leelaventures net drops 62% to Rs 20cr

A fall in room occupancies following the Mumbai terror attacks and the global financial crisis, impacted the net profit of luxury hotel chain operator, Hotel Leelaventures as it posted a drop of 62 per cent for the quarter ended December 31, 2008.

A release from the company stated today a drop in its net profit to Rs 20.50 crore for the reporting quarter as compared to Rs 54.98 crore posted by the company in the corresponding quarter a year ago.

Vivek Nair, Vice Chairman and Managing Director, Hotel Leelaventure said, "The hotel industry has been undergoing a turbulent phase because of the meltdown in the global economy and the recent terror attack in Mumbai.  

Net sales of the company dropped to Rs 121 crore, a fall of 15 per cent during the reporting quarter as against Rs 142 crore posted in the same quarter of the earlier year.