Hotel Leelaventure Q1 Loss Narrows to Rs 57 Cr

New Delhi: Hospitality chain Hotel Leelaventure on Wednesday posted a net loss of Rs 57.67 crore for the fiscal first quarter that ended on June 30, 2015.

The company had reported a net loss of Rs 174.62 crore for the corresponding period a year ago, it said in a filing to the BSE.

Net sales during the period under review stood at Rs 161.81 crore, as against Rs 155.44 crore in the year-ago period - an increase of 4 per cent.

The company said it has not been providing for interest on the debts assigned to asset reconstruction companies (ARCs) by its corporate debt restructuring lenders on June 30, 2014 as it is pursuing with lenders for a waiver.

"Had the company provided for interest, the loss for the quarter would have been higher by Rs 115.27 crore," it said.

During the quarter, the company's total expenses stood at Rs 199.98 crore as against Rs 201.15 crore a year ago.

Shares in Hotel Leelaventure, on Wednesday, ended over 4 per cent lower at Rs 21.55 apiece on the BSE.