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TAJGVK Hotels & Resorts swings to loss in fiscal Q4

TAJGVK Hotels & Resorts Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 26 Indian paise per share, compared with 38 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 15.9 million rupees, compared with income of 23.6 million rupees in the prior-year period.

The normalized profit margin fell to negative 2.3% from 3.6% in the year-earlier period.

Total revenue rose 5.1% year over year to 681.2 million rupees from 648.4 million rupees, and total operating expenses rose 13.0% on an annual basis to 627.1 million rupees from 554.8 million rupees.

Reported net income totaled a loss of 3.7 million rupees, or a loss of 6 paise per share, compared to income of 49.3 million rupees, or 79 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 18 paise per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.10 rupees.

EPS was 47 paise in the prior year.

Normalized net income was a loss of 11.4 million rupees, compared with income of 29.2 million rupees in the prior year.

Full-year total revenue rose on an annual basis to 2.50 billion rupees from 2.45 billion rupees, and total operating expenses increased year over year to 2.24 billion rupees from 2.17 billion rupees.

The company said reported net income came to a loss of 19.7 million rupees, or a loss of 31 paise per share, in the full year, compared with income of 49.8 million rupees, or 79 paise per share, the prior year.

As of July 8, US$1 was equivalent to 63.52 Indian rupees.