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James Hotels fiscal Q2 loss widens YOY

James Hotels Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 4.19 Indian rupees per share, compared with a loss of 1.63 rupees 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 33.5 million rupees, compared with a loss of 13.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 72.0% from negative 26.0% in the year-earlier period.

Total revenue declined 6.9% on an annual basis to 46.6 million rupees from 50.0 million rupees, and total operating expenses grew 25.6% on an annual basis to 70.5 million rupees from 56.2 million rupees.

Reported net income came to a loss of 53.6 million rupees, or a loss of 6.70 rupees per share, compared to a loss of 20.8 million rupees, or a loss of 2.60 rupees per share, in the prior-year period.

As of Nov. 21, US$1 was equivalent to 61.66 Indian rupees.