Sinclairs Hotels Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 31 Indian paise per share, a decline of 33.8% from 48 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 1.7 million rupees, a decline of 34.1% from 2.6 million rupees in the prior-year period.

The normalized profit margin declined to 2.9% from 6.2% in the year-earlier period.

Total revenue climbed 41.8% on an annual basis to 60.2 million rupees from 42.5 million rupees, and total operating expenses grew 35.8% on an annual basis to 59.5 million rupees from 43.8 million rupees.

Reported net income decreased 60.7% from the prior-year period to 1.7 million rupees, or 30 paise per share, from 4.2 million rupees, or 76 paise per share.

As of Nov. 12, US$1 was equivalent to 66.10 Indian rupees.