Hotel Leelaventure net loss widens to Rs 24.44 crore
By Anumeha Chaturvedi, ET Bureau | Updated:
New Delhi: Hotel chain Leelaventure has reported a quarterly net loss of Rs 24.4 crore for the quarter ended September 30, 2017 compared to a net loss of Rs 8.95 crore for the quarter ended September 30,2016.
The company's income from operations declined to Rs 149.25 crore for the quarter under review compared to Rs 173.86 crore around the same period last year.
The company, in a filing to the Bombay Stock Exchange stated it is pursuing a viable restructuring package with the asset reconstruction companies with certain concessions in interest and repayment terms and pending approval of the same, has not provided for the interest. The ARCs have notified the company that the interest and penal interest are applicable as per the rates contracted prior to admission to CDR and the impact of the non provision is understatement of finance cost for the quarter and half year to the extent of Rs 205.95 crore and Rs 403.29 crore respectively.
ET had reported in its edition dated October 16,2017 that it was seeking a restructuring of its repayment plan from JM Financial Asset Reconstruction Company, including a reduction in interest rate and moratorium on payment for three years, people familiar with the matter said.
A majority of Leela Venture's lenders had sold their debt to JM ARC in 2014.
The company's income from operations declined to Rs 149.25 crore for the quarter under review compared to Rs 173.86 crore around the same period last year.
The company, in a filing to the Bombay Stock Exchange stated it is pursuing a viable restructuring package with the asset reconstruction companies with certain concessions in interest and repayment terms and pending approval of the same, has not provided for the interest. The ARCs have notified the company that the interest and penal interest are applicable as per the rates contracted prior to admission to CDR and the impact of the non provision is understatement of finance cost for the quarter and half year to the extent of Rs 205.95 crore and Rs 403.29 crore respectively.
ET had reported in its edition dated October 16,2017 that it was seeking a restructuring of its repayment plan from JM Financial Asset Reconstruction Company, including a reduction in interest rate and moratorium on payment for three years, people familiar with the matter said.
A majority of Leela Venture's lenders had sold their debt to JM ARC in 2014.
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