Velan Hotels Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 84 Indian paise per share, compared with a loss of 22 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 a loss of 26.6 million rupees, compared with a loss of 6.9 million rupees in the prior-year period.

The normalized profit margin fell to negative 81.8% from negative 17.1% in the year-earlier period.

Total revenue decreased 19.3% year over year to 32.6 million rupees from 40.4 million rupees, and total operating expenses declined on an annual basis to 34.9 million rupees from 36.4 million rupees.

Reported net income came to a loss of 39.8 million rupees, or a loss of 1.25 rupees per share, compared to a loss of 8.9 million rupees, or a loss of 28 paise per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.