Hotel Leelaventure Ltd today posted nearly twenty-fold jump in net profit to Rs 209.96 crore for the quarter ended March 31,2012,on the back of income from sale of a hotel property.
The company’s net profit for the quarter ended March 31,2011,was Rs 11.29 crore,it said in a filing to the BSE. Its net sales for the quarter under review increased by 40.78 per cent to Rs 139.31 crore against Rs 98.95 crore in the fourth quarter of 2010-11.
“The net gain of Rs 414.77 crore on sale of the company’s hotel in Kovalam has been included under exceptional items,” it said in the filing.
For the year ended March 31,2012,the firm’s net profit declined 50.76 per cent to Rs 18.63 crore against Rs 37.84 crore in the fourth quarter of 2010-11.
Its net sales for 2011-12 increased 23.06 per cent to Rs 571.09 crore from Rs 464.04 crore in 2010-11.
The company has been undergoing a corporate debt restructuring process. It is reported to have piled up nearly Rs 4,000 crore in long term and short debts.
The firm’s scrip closed at Rs 33.25 per share,up 4.40 per cent from the previous close on the BSE.