Hotel Leelaventure Ltd reported net loss of Rs 102 crore for the quarter ended June 30, 2012, due to increase in depreciation and amortisation and staff related expenditure.

During the three months ended June 30, 2011, the company had posted net loss of Rs 26.49 crore, it said in a filing to the BSE.

The company’s net sales during the period, however, increased about 23 per cent to Rs 138 crore from Rs 112.03 crore.

During the quarter under review, depreciation cost increased by more than 75 per cent to Rs 32.04 crore and employee cost increased to Rs 43.75 crore compared to Rs 34.42 crore in the first quarter of last fiscal, the company said.

The company’s scrip closed at Rs 31.45 per share on Thursday, up 1.94 per cent from the previous close on the Bombay Stock Exchange.

Board okays pref allotment

The board of Hotel Leelaventure approved allotment of equity shares on preferential basis to the promoter group company not exceeding Rs 100 crore, including premium.

The board has approved an enabling resolution for raising funds up to Rs 1,000 crore. This would be done through issue of equity shares, convertible debentures, GDRs (Global Depository Receipts), ADRs (American Depository Receipts) either through preferential issue or qualified institutional placement or private placement, in one or more tranches at an appropriate time.

(This article was published on August 2, 2012)
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