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Ras Resorts & Apart Hotels fiscal Q1 loss widens 88.9% YOY

Ras Resorts & Apart Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 40 Indian paise per share, compared with a loss of 21 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 a loss of 1.6 million rupees, compared with a loss of 828,750 rupees in the year-earlier period.

The normalized profit margin declined to negative 9.4% from negative 4.8% in the year-earlier period.

Total revenue fell on an annual basis to 16.7 million rupees from 17.1 million rupees, and total operating expenses grew year over year to 17.8 million rupees from 17.4 million rupees.

Reported net income totaled a loss of 2.5 million rupees, or a loss of 63 paise per share, compared to a loss of 1.3 million rupees, or a loss of 33 paise per share, in the year-earlier period.

As of July 28, US$1 was equivalent to 60.09 Indian rupees.