Hotel Leela - Q2 net up 82%

Mumbai: October 24, 2007: Hotel Leelaventure Limited has announced the financial results for the Second Quarter ended 30th September 2007 with Profit after Tax of Rs.40.12 crores; a growth of 82% over the corresponding quarter Profit after Tax of Rs.22.06 crores of the previous year.

The Operating Income has gone up by 31% to Rs.100.14 crores as compared to Rs.76.67 crores in the corresponding period last year. The EBIDTA has gone up by 24% to Rs.47.31 crores as against Rs.38.24 crores in the corresponding period last year.

For the half year ended 30th September 2007, the Company has reported an operating Income of Rs.200.46 crores as against Rs.157.50 crores during the corresponding period last year, reflecting a growth of 27%.

The EBIDTA for the half year ended 30th September 2007 stood at Rs.96.44 crores, reflecting a growth of 27% over Rs.77.07 crores of the corresponding first half year.

The Profit after Tax for the first half ended 30th September, 2007 stood at Rs.70.27 crores, reflecting a growth of 59% over the Profit after Tax excluding extra- ordinary income during the corresponding half year.

Commenting on the results, Mr. Vivek Nair, Vice Chairman and Managing Director said that in the present buoyant market, Leela is poised for much stronger growth in both the business and leisure segments, in the immediate second half as well as in the coming years. The Leela Kempinski, Mumbai has performed exceedingly well with quantum increases in the occupancy and average room rate. With increasing direct flights coming into Bangalore The Leela Palace Kempinski Bangalore continues to be the market leader in its city.”

While the results are upbeat, the brand also won international acclaim with Conde Nast voting The Leela Palace Bangalore as the World’s No.1 “Business Hotel”. Close on heels Forbes rated it as one amongst the world’s top ten Wedding Destinations and Jamavar, the signature Indian Restaurant as one of the world’s top ten Power Dining spots.”

The Company’s massive expansion programme by increasing the current room strength of 1114 rooms in 4 hotels to about 2739 rooms in 10 strategic locations will help establish The Leela Group’s Pan India presence in the next three years to come.

Issued by
Mithu Basu
Group Head - Corporate Communications
The Leela Palaces~Hotels~Resorts
Sahar, Andheri (East), Mumbai 400 059
India
Tel: +91 (22) 66911052
Fax: +91 (22) 6691 1476 / 1455
Cell: +91 9820414732
mithu.basu@theleela.com