Hotel Leelaventure posts net loss of Rs 97 cr

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Vivek Nair
Vivek Nair

Hotel Leelaventures has posted a net loss of Rs 97 crore in the quarter ended December 31, 2012 against a loss of Rs 100 crore in the corresponding quarter last year.

Net sales were up at Rs 183 crore for the third quarter against Rs 159 crore in the year-ago period.

In a board meeting held on Thursday, the company said that Captain C.P. Nair, who founded the company in 1981, stepped down from the Board of Directors with effect from February 7.

Vivek Nair, currently Vice-Chairman and Managing Director, has been elevated to the position of Chairman and Managing Director, and Dinesh Nair, Joint Managing Director, has been elevated to the position of Co-Chairman and Managing Director, the company said in a filing to the BSE.

CDR package

In its filing, the company said, “The corporate debt restructuring (CDR) empowered group has approved a debt restructuring package on September 12, 2012. The interest benefit relating to the previous year, net of expenses relating to CDR has been reflected as exceptional item.’’

Exceptional items were Rs 1.31 crore in the third quarter against Rs 8.76 crore in the corresponding quarter last year.

The company said that it has allotted 3.08 crore equity shares on preferential basis to a promoter group entity at Rs 32.44 a share (including a premium of Rs 30.44) aggregating to Rs 99.99 crore.

Shares of Hotel Leelaventures closed at Rs 26.50 crore on Thursday, down 0.93 per cent, on the BSE.

(This article was published on February 7, 2013)
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