Hotel Leelaventure Q1 net loss widens to Rs 174.62 cr

Hotel Leelaventure today reported a widening of its standalone net loss to Rs 174.62 crore for the quarter ended June 30, 2014.
The company had posted a net loss of Rs 148.55 crore for the corresponding period of the previous fiscal, Hotel Leelaventure said in a filing to BSE.
Standalone net sales of the company however rose to Rs 155.44 crore for the quarter under consideration as against Rs 147.13 crore for the same period year ago.
"In view of the seasonality of the business, the financial results for the quarter ended June 30, 2014 are not indicative of the full year's performance," Hotel Leelaventure said.

Currently, Leela owns and operates eight properties in urban cities and holiday destinations such as Mumbai, Goa, Bangalore, Kovalam, Udaipur, Gurgaon, New Delhi and Chennai.
Other Leela properties under development include Jaipur, Bangalore, Agra and Lake Ashtamudi in Kerala.
Shares of Hotel Leelaventure today closed at Rs 23.55 per scrip on BSE, down 0.84 per cent from previous close.