Hotel Leela net dips 24% at Rs 22 cr

Hotel Leelaventure today reported a 23.63 per cent dip in net profit for the quarter ended December 31, 2010, to Rs 22.04 crore.

The hospitality major had posted a net profit of Rs 28.86 crore in the October-December quarter last fiscal, Hotel Leelaventure said in a filing to the Bombay Stock Exchange.

The total income of the company, however, grew to Rs 142.25 crore in the third quarter of FY'11 from Rs 127.74 crore in the year-ago period, the filing added.

Reacting to the decline in third quarter profit, shares of Hotel Leelaventure plunged by 4.68 per cent to hit a one-year low of Rs 39.65 apiece in early trade on the BSE today.