SIF Hoteluri SA said its third-quarter normalized net income amounted to a loss of 3 Romanian bani per share, compared with a loss of 4 bani per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 624,370 lei, compared with a loss of 724,060 lei in the year-earlier period.

The normalized profit margin dropped to negative 23.4% from negative 22.7% in the year-earlier period.

Total revenue declined 16.4% year over year to 2.7 million lei from 3.2 million lei, and total operating expenses decreased 6.8% on an annual basis to 3.7 million lei from 3.9 million lei.

Reported net income came to a loss of 998,990 lei, or a loss of 5 bani per share, compared to income of 2.6 million lei, or 13 bani per share, in the prior-year period.

As of Nov. 12, US$1 was equivalent to 4.13 Romanian lei.