The Leela Palaces, Hotels & Resorts announces its third quarter results (India)
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The Leela Palaces, Hotels & Resorts announces its third quarter results (India)
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Category: Asia Pacific - India - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2009-02-02
Hotel Leelaventure Limited has announced the financial results for the third quarter ended 31st December 2008. The Operating Income for the third quarter stood at Rs. 121.30 crores as compared to Rs.143.02 crores in the corresponding period last year, a reduction of 15% reflecting the current slowdown in the economy and in the hotel industry in particular.
The EBIDTA for the third quarter stood at Rs. 49.51 crores as against Rs. 73.99 crores during the corresponding period of last year. The profit before exceptional items and tax stood at Rs. 38.61 crores as against Rs. 60.90 crores reflecting a drop of 37%. The Profit after Tax stood at Rs. 20.50 crores after providing for the revaluation of foreign currency loans to the extent of Rs. 11.61 crores.as against a PAT of Rs.54.98 crores during the corresponding period last year.
For the nine months ended 31st December 2007, the Company has reported an operating Income of Rs.355.10 crores reflecting a drop of 1% against the operating income of Rs.360.33 crores during the corresponding period last year.
The EBIDTA for the nine months ended 31st December 2008 stood at Rs.145.78 crores, reflecting a decline of 16% over Rs.173.69 crores of the corresponding nine months of the previous year.
The Profit before Exceptional items and Tax works out to Rs. 117.39 crores as against Rs. 135.28 crores during the corresponding nine months period of the last year. The Profit after Tax stood at Rs. 77.98 crores after providing Rs. 20.91 crores towards revaluation of foreign currency loans as against a PAT of Rs. 120.57 crores during the corresponding nine months period last year.
Commenting on the results, Mr. Vivek Nair, Vice Chairman and Managing Director said that the hotel industry has been undergoing a turbulent phase because of the meltdown in the global economy and the recent terror attack in Mumbai. In spite of this overall scenario, however, the performance of the Leela‘s resorts at Goa and Kovalam (Kerala) have been encouraging and the business is on a rise in its business hotels in Mumbai and Bangalore.
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