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Graviss Hospitality swings to profit in fiscal Q4

Graviss Hospitality Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was 8 Indian paise per share, compared with a loss of 1 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 6.1 million rupees, compared with a loss of 1.0 million rupees in the prior-year period.

The normalized profit margin increased to 4.0% from negative 0.7% in the year-earlier period.

Total revenue increased 7.8% year over year to 153.3 million rupees from 142.3 million rupees, and total operating expenses declined from the prior-year period to 142.4 million rupees from 145.3 million rupees.

Reported net income came to 12.2 million rupees, or 17 paise per share, compared to a loss of 6.7 million rupees, or a loss of 9 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 22 paise per share, compared with a loss of 5 paise per share in the prior year.

Normalized net income was a loss of 15.4 million rupees, compared with a loss of 3.5 million rupees in the prior year.

Full-year total revenue rose from the prior-year period to 515.2 million rupees from 504.3 million rupees, and total operating expenses grew on an annual basis to 529.2 million rupees from 510.2 million rupees.

The company said reported net income came to a loss of 22.2 million rupees, or a loss of 31 paise per share, in the full year, compared with a loss of 10.7 million rupees, or a loss of 15 paise per share, the prior year.

As of July 9, US$1 was equivalent to 63.31 Indian rupees.