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Velan Hotels swings to loss in fiscal Q3

Velan Hotels Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 22 Indian paise per share, compared with 2 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 6.9 million rupees, compared with income of 640,000 rupees in the prior-year period.

The normalized profit margin declined to negative 17.1% from 1.5% in the year-earlier period.

Total revenue fell year over year to 40.4 million rupees from 41.6 million rupees, and total operating expenses grew 5.6% from the prior-year period to 36.4 million rupees from 34.5 million rupees.

Reported net income came to a loss of 8.9 million rupees, or a loss of 28 paise per share, compared to a loss of 331,000 rupees, or a loss of 1 paise per share, in the prior-year period.

As of Feb. 2, US$1 was equivalent to 61.72 Indian rupees.