Hotel Leelaventure today said its net loss for the quarter ended September 30, has widened to Rs 92.49 crore, with occupancy impacted by seasonal nature of the business, while it continues efforts to pare debt.

The company had posted a net loss of Rs 64.90 crore for the quarter ended September 30, 2011, Hotel Leelaventure said in a filing to the BSE.

The company’s board of directors has approved the sale of a recently constructed commercial building at Chennai for a consideration of Rs 172 crore with proceeds to be utilised for debt reduction, it added.

During the quarter under review, the company’s net sales rose to Rs 132.40 crore against Rs 115.18 crore for the same period previous fiscal.

“In view of the seasonality of the business, the financial results for the quarter and half year ended September 30, 2012 are not indicative of the full year’s performance,” the company said.

Commenting on upcoming projects, the company said its board has executed a memorandum of understanding (MoU) and will shortly execute a management contract with Bhartiya City Developers Pvt Ltd for a luxury hotel with 250 guest rooms, Leela residences and a convention centre in Bangalore.

The project was launched on October 27, 2012 and the property is expected to be completed in 48 months, it added.

On Wednesday, the company announced executing a management contract with Supertech Realtors Pvt Ltd to manage a new property at Noida with 250 guest rooms and Leela residences.

The project will also be completed in the next 4 years, Hotel Leelaventure said.

Shares of Hotel Leelaventure today closed at Rs 29.70 per scrip on the BSE, down 0.17 per cent from its previous close.

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