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.
