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Polo Hotels fiscal Q2 profit climbs 49.1% YOY

Polo Hotels Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 7 Indian paise per share, a gain of 49.1% from 4 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 550,630 rupees, an increase of 49.1% from 369,380 rupees in the prior-year period.

The normalized profit margin rose to 20.6% from 18.0% in the year-earlier period.

Total revenue rose 30.0% on an annual basis to 2.7 million rupees from 2.1 million rupees, and total operating expenses rose 13.7% year over year to 828,000 rupees from 728,000 rupees.

Reported net income grew 49.1% on an annual basis to 881,000 rupees, or 10 paise per share, from 591,000 rupees, or 7 paise per share.

As of Nov. 28, US$1 was equivalent to 62.23 Indian rupees.