Business Daily from THE HINDU group of publications
Tuesday, Jun 30, 2009
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Business Daily from THE HINDU group of publications Tuesday, Jun 30, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Financial Performance Corporate Results - Hotels Hotel Leelaventure doubles Q4 profit on bonds buyback Our Bureau Mumbai, June 29 Profits earned on the buyback of foreign currency convertible bonds of Rs 64.6 crore led Hotel Leelaventure’s net profit to more than double to Rs 67 crore for the quarter ended March 31, 2009, against Rs 29 crore in the corresponding period last year. However, at the operations level, the hospitality company made a loss of Rs 5.5 crore in the fourth quarter against profit of Rs 38.9 crore last year. While the company’s total income fell 33.7 per cent to Rs 102 crore in the period under review (Rs 155 crore), Leela has been able to control its expenditure which stood at Rs 107.5 crore (Rs 115.7 crore). The net profit for the year ended March 31, 2009, stood at Rs 145 crore (Rs 150 crore). Total income stood at Rs 460 crore (Rs 520 crore). The year gone by has been full of challenges for the hospitality industry. As global recession crippled Western economies, both leisure and business travel to India was hit. Terror attacks of November 2008 happened at the peak of the travel season in the country, which also had a negative impact on tourism sentiment. Hotel Leelaventure also said that its board approved to raise funds up to Rs 750 crore either through issue of equity shares, convertible debentures or GDRs and ADRs, among others. More Stories on : Financial Performance | Hotels
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