SIF Hoteluri SA said its second-quarter normalized net income amounted to 683,440 lei, compared with a loss of 759,860 lei in the prior-year period.

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

The normalized profit margin increased to negative 22.5% from negative 24.6% in the year-earlier period.

Total revenue decreased year over year to 3.0 million lei from 3.1 million lei, and total operating expenses decreased 12.1% year over year to 3.9 million lei from 4.4 million lei.

Reported net income came to a loss of 1.1 million lei, compared with a loss of 1.2 million lei, or a loss of 6 bani per share, in the prior-year period.

As of July 22, US$1 was equivalent to 4.06 Romanian lei.