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Best Eastern Hotels fiscal Q2 loss narrows YOY

Best Eastern Hotels Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 6 Indian paise per share, compared with a loss of 7 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.0 million rupees, compared with a loss of 1.2 million rupees in the prior-year period.

The normalized profit margin climbed to negative 13.5% from negative 17.1% in the year-earlier period.

Total revenue rose 9.1% year over year to 7.7 million rupees from 7.0 million rupees, and total operating expenses came to 8.5 million rupees, compared with 8.5 million rupees in the year-earlier period.

Reported net income came to a loss of 1.2 million rupees, or a loss of 7 paise per share, compared to a loss of 914,000 rupees, or a loss of 5 paise per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.