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Fomento Resorts & Hotels fiscal Q2 profit climbs YOY

Fomento Resorts & Hotels Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 1.15 Indian rupees per share, a gain from 33 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 18.4 million rupees, a gain from 5.3 million rupees in the prior-year period.

The normalized profit margin increased to 16.5% from 6.4% in the year-earlier period.

Total revenue grew 34.6% on an annual basis to 111.7 million rupees from 83.0 million rupees, and total operating expenses grew 14.2% year over year to 98.9 million rupees from 86.6 million rupees.

Reported net income rose from the prior-year period to 17.3 million rupees, or 1.08 rupees per share, from 5.6 million rupees, or 35 paise per share.

As of Nov. 12, US$1 was equivalent to 66.10 Indian rupees.