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Ras Resorts & Apart Hotels fiscal Q3 profit climbs 44.1% YOY

Ras Resorts & Apart Hotels Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 60 Indian paise per share, an increase of 42.9% from 42 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.4 million rupees, a gain of 44.1% from 1.7 million rupees in the year-earlier period.

The normalized profit margin rose to 10.4% from 7.3% in the year-earlier period.

Total revenue rose year over year to 23.0 million rupees from 22.6 million rupees, and total operating expenses declined year over year to 18.3 million rupees from 18.9 million rupees.

Reported net income decreased 10.9% year over year to 2.4 million rupees, or 61 paise per share, from 2.7 million rupees, or 69 paise per share.

As of Jan. 29, US$1 was equivalent to 67.85 Indian rupees.