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Ras Resorts & Apart Hotels swings to profit in fiscal Q2

Ras Resorts & Apart Hotels Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 4 Indian paise per share, compared with a loss of 81 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 145,630 rupees, compared with a loss of 3.2 million rupees in the prior-year period.

The normalized profit margin increased to 0.8% from negative 22.5% in the year-earlier period.

Total revenue rose 22.4% on an annual basis to 17.5 million rupees from 14.3 million rupees, and total operating expenses declined 8.8% year over year to 16.4 million rupees from 17.9 million rupees.

Reported net income came to 162,000 rupees, or 4 paise per share, compared to a loss of 2.8 million rupees, or a loss of 72 paise per share, in the year-earlier period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.