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Ras Resorts & Apart Hotels fiscal Q3 profit falls YOY

Ras Resorts & Apart Hotels Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 42 Indian paise per share, a decrease of 47.7% from 80 paise per share in the year-earlier 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 48.0% from 3.2 million rupees in the year-earlier period.

The normalized profit margin fell to 7.3% from 15.3% in the year-earlier period.

Total revenue climbed 8.2% on an annual basis to 22.6 million rupees from 20.9 million rupees, and total operating expenses grew 27.0% from the prior-year period to 18.9 million rupees from 14.9 million rupees.

Reported net income declined 45.1% on an annual basis to 2.7 million rupees, or 69 paise per share, from 5.0 million rupees, or 1.25 rupees per share.

As of Feb. 2, US$1 was equivalent to 61.72 Indian rupees.