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Ras Resorts & Apart Hotels swings to profit in fiscal Q1

Ras Resorts & Apart Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 36 Indian paise per share, compared with a loss of 40 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 1.4 million rupees, compared with a loss of 1.6 million rupees in the year-earlier period.

The normalized profit margin rose to 6.6% from negative 9.4% in the year-earlier period.

Total revenue rose 27.8% on an annual basis to 21.3 million rupees from 16.7 million rupees, and total operating expenses increased from the prior-year period to 18.2 million rupees from 17.8 million rupees.

Reported net income came to 1.3 million rupees, or 34 paise per share, compared to a loss of 2.5 million rupees, or a loss of 63 paise per share, in the prior-year period.

As of July 24, US$1 was equivalent to 64.11 Indian rupees.