The Hindu Business Line : Extraordinary income boosts Hotel Leelaventure

Hotel Leelaventure has reported a 319-per cent increase in its net profit for the first quarter ended June 2006 at Rs 62.78 crore against Rs 14.96 crore in the corresponding period in the previous year. The sharp rise in profit was supported by an extraordinary income of Rs 40.58 crore from the sale of Leela Business Park, Mumbai.

The company's revenue rose 88 per cent to Rs 128.76 crore (Rs 68.23 crore).

Hotel Leelaventure Ltd's properties - The Leela Palace, Kempinski Bangalore, The Leela, Goa, and The Leela, Kempinski Kovalam Beach, Kerala - continued to sustain their market leadership position with the highest revenue per available room.

The Leela Palace Kempinski, Bangalore, expects to open additional 120 rooms from December. The third phase of upgradation of rooms in The Leela Kempinski, Mumbai, is expected to be completed by October.

The release said the improved financial performance is due to the continued buoyancy in the tourism sector, increase in foreign visitors and increased airline seat capacity for domestic as well as international carriers.

The company is hoping to replicate its success with hotel projects under implementation in Gurgaon-Delhi (National Capital Region), Udaipur, Chennai, Hyderabad and Pune.