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James Hotels fiscal Q1 loss narrows YOY

James Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 3.42 Indian rupees per share, compared with a loss of 4.19 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 27.4 million rupees, compared with a loss of 33.5 million rupees in the year-earlier period.

The normalized profit margin increased to negative 44.7% from negative 69.1% in the year-earlier period.

Total revenue climbed 26.2% year over year to 61.2 million rupees from 48.5 million rupees, and total operating expenses declined 8.7% on an annual basis to 65.8 million rupees from 72.1 million rupees.

Reported net income came to a loss of 43.8 million rupees, or a loss of 5.47 rupees per share, compared to a loss of 53.6 million rupees, or a loss of 6.70 rupees per share, in the prior-year period.

As of Oct. 23, US$1 was equivalent to 64.89 Indian rupees.