Hotel Leelaventure Q1 net loss narrows to Rs 57.57 cr

Hospitality chain Hotel Leelaventure's net loss narrowed to Rs 57.67 crore for the first quarter ended June 30.

The company had reported a net loss of Rs 174.62 crore in the same period of the last fiscal, it said in a BSE filing.

Net sales during the period under review stood at Rs 161.81 crore as against Rs 155.44 crore in the year-ago period, up by 4 per cent.

The company said it has not been providing for interest on the debts assigned to Asset Reconstruction Companies by its corporate debt restructuring lenders on June 30, 2014 as it is pursuing with lenders for waiver.

"Had the company provided for interest, the loss for the quarter would have been higher by Rs 115.27 crore," it said.

During the quarter, the company's total expenses stood at Rs 199.98 crore as against Rs 201.15 crore in the year-ago period.

Shares of Hotel Leelaventure today ended at Rs 21.55 per scrip on BSE, down 4.22 per cent.