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Polo Hotels swings to loss in fiscal Q3

Polo Hotels Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 3 Indian paise per share, compared with 4 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 a loss of 437,500 rupees, compared with income of 355,000 rupees in the prior-year period.

Reported net income totaled a loss of 700,000 rupees, or a loss of 5 paise per share, compared to income of 568,000 rupees, or 7 paise per share, in the year-earlier period.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.