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Polo Hotels fiscal Q1 profit falls YOY

Polo Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 300,630 rupees, a decrease of 23.4% from 392,500 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 14.6% from 19.1% in the year-earlier period.

Total revenue held steady year over year at 2.1 million rupees, and total operating expenses decreased 26.2% year over year to 572,000 rupees from 775,000 rupees.

Reported net income decreased 23.4% from the prior-year period to 481,000 rupees, or 6 paise per share, from 628,000 rupees.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.