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TAJGVK Hotels & Resorts fiscal Q1 loss widens YOY

TAJGVK Hotels & Resorts Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 38 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 48 paise per share.

The per-share loss increased year over year from 17 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 23.9 million rupees, compared with a loss of 10.7 million rupees in the prior-year period.

The normalized profit margin fell to negative 4.4% from negative 1.8% in the year-earlier period.

Total revenue fell 6.8% year over year to 538.5 million rupees from 578.0 million rupees, and total operating expenses declined year over year to 510.7 million rupees from 531.7 million rupees.

Reported net income totaled a loss of 34.3 million rupees, or a loss of 55 paise per share, compared to a loss of 13.4 million rupees, or a loss of 21 paise per share, in the prior-year period.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.