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Howard Hotels fiscal Q1 loss widens 76.7% YOY

Howard Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 4.0 million rupees, compared with a loss of 2.3 million rupees in the year-earlier period.

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

The normalized profit margin dropped to negative 31.3% from negative 14.3% in the year-earlier period.

Total revenue fell 19.5% year over year to 12.7 million rupees from 15.8 million rupees, and total operating expenses fell year over year to 18.8 million rupees from 19.0 million rupees.

Reported net income came to a loss of 6.4 million rupees, or a loss of 70 paise per share, compared to a loss of 3.6 million rupees in the prior-year period.

As of Aug. 7, US$1 was equivalent to 63.74 Indian rupees.