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SIF Hoteluri Q1 loss widens 17.2% YOY

SIF Hoteluri SA said its first-quarter normalized net income amounted to a loss of 5 Romanian bani per share, compared with a loss of 4 bani per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 966,240 lei, compared with a loss of 824,140 lei in the prior-year period.

The normalized profit margin dropped to negative 48.7% from negative 26.8% in the year-earlier period.

Total revenue fell 35.6% year over year to 2.0 million lei from 3.1 million lei, and total operating expenses fell 17.2% year over year to 3.5 million lei from 4.3 million lei.

Reported net income came to a loss of 1.5 million lei, or a loss of 8 bani per share, compared to a loss of 1.3 million lei, or a loss of 6 bani per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 3.92 Romanian lei.