Hotel Leelaventure Ltd. has reported a net loss of Rs 99.65 crore for the third quarter ended December 31, 2011 due to high interest costs and increase in depreciation and staff related expenditure. This is in contrast to a net profit of Rs 22.04 crore in December 31, 2010.
However, the company's net sales during the period, increased by 22 per cent. During the quarter under review the company's interest outgo increased over five-fold to Rs 111.58 crore, as against Rs 20 crore in the third quarter of last fiscal, as per a report in the BSE. Even depreciation cost more than doubled to Rs 25.14 crore and employee cost increased to Rs 48.91 crore compared to Rs 27.21 crore in the third quarter of last fiscal, according to the company. After the end of the quarter, a promoter group company has released over 16.44 lakh shares from pledge, it added. As a result, the pledged shares of promoters as on date stand at over 9.22 crore shares of the total outstanding shares of the company, the filing said. The firm's scrips were trading at Rs 36.80 per share, down 5.88 per cent from the previous close on the BSE.
Source
Commis II Indian - Jobs in India
However, the company's net sales during the period, increased by 22 per cent. During the quarter under review the company's interest outgo increased over five-fold to Rs 111.58 crore, as against Rs 20 crore in the third quarter of last fiscal, as per a report in the BSE. Even depreciation cost more than doubled to Rs 25.14 crore and employee cost increased to Rs 48.91 crore compared to Rs 27.21 crore in the third quarter of last fiscal, according to the company. After the end of the quarter, a promoter group company has released over 16.44 lakh shares from pledge, it added. As a result, the pledged shares of promoters as on date stand at over 9.22 crore shares of the total outstanding shares of the company, the filing said. The firm's scrips were trading at Rs 36.80 per share, down 5.88 per cent from the previous close on the BSE.
Source
Commis II Indian - Jobs in India