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Graviss Hospitality fiscal Q3 profit climbs 27.8% YOY

Graviss Hospitality Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 8 Indian paise per share, a gain of 9.1% from 7 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 6.3 million rupees, an increase of 27.8% from 4.9 million rupees in the year-earlier period.

The normalized profit margin increased to 4.4% from 3.3% in the year-earlier period.

Total revenue fell on an annual basis to 145.1 million rupees from 150.0 million rupees, and total operating expenses decreased 6.5% year over year to 131.7 million rupees from 140.9 million rupees.

Reported net income rose 27.8% on an annual basis to 10.1 million rupees, or 12 paise per share, from 7.9 million rupees, or 11 paise per share.

As of Jan. 28, US$1 was equivalent to 61.32 Indian rupees.