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Howard Hotels fiscal Q3 profit falls YOY

Howard Hotels Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 48 Indian paise per share, a decrease of 12.5% from 55 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 4.4 million rupees, a decrease of 13.2% from 5.1 million rupees in the prior-year period.

The normalized profit margin dropped to 13.7% from 15.3% in the year-earlier period.

Total revenue declined year over year to 32.2 million rupees from 33.2 million rupees, and total operating expenses increased from the prior-year period to 25.0 million rupees from 24.5 million rupees.

Reported net income fell 13.2% on an annual basis to 7.0 million rupees, or 77 paise per share, from 8.1 million rupees, or 88 paise per share.

As of Feb. 9, US$1 was equivalent to 62.14 Indian rupees.