 "Hotel Leelaventure Q1 net loss at Rs 51.75 crore")
Hotel Leelaventure Ltd on Monday reported narrowing of its standalone net loss to Rs 51.75 crore for the first quarter ended June 30, 2016.
The company, whose board has approved commencement of sale of its assets as The Leela Palace, Chennai and The Leela Palace, New Delhi, had posted a net loss of Rs 57.67 crore for the April-June quarter of the previous financial year, Hotel Leelaventure said in a BSE filing.
Its total income from operation was up 7.82% to Rs 148.98 crore during the quarter under review as against Rs 138.17 crore in the corresponding quarter last financial year.
Hotel Leelaventure's total expenses was up marginally 1.11% to Rs 181.68 crore compared to Rs 179.68 crore of the same period previous year.
Meanwhile, in a separate filing, Hotel Leelaventure said its board in a meeting approved "commencement of process for sale of certain undertakings of the company i.e. The Leela Palace, Chennai and/or The Leela Palace, New Delhi and to increase limits for making investments, give loans, guarantees and provide securities beyond the prescribed limits".
However, it also added that it would be subject to the approval of shareholders through a postal ballot.
Shares of Hotel Leelaventure on Monday settled at Rs 18.45 on BSE, down 1.34% from previous close.