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Sinclairs Hotels fiscal Q4 profit climbs 99.7% YOY

Sinclairs Hotels Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 1.21 Indian rupees per share, an increase of 82.0% from 67 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 6.8 million rupees, a gain of 99.7% from 3.4 million rupees in the prior-year period.

The normalized profit margin climbed to 6.9% from 4.7% in the year-earlier period.

Total revenue increased 35.1% on an annual basis to 97.9 million rupees from 72.5 million rupees, and total operating expenses increased 45.2% on an annual basis to 83.4 million rupees from 57.4 million rupees.

Reported net income came to a loss of 10.4 million rupees, or a loss of 1.87 rupees per share, compared to income of 7.0 million rupees, or 1.39 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 7.70 rupees per share, a gain of 70.4% from 4.52 rupees per share in the prior year.

Normalized net income was 42.9 million rupees, a rise of 59.7% from 26.8 million rupees in the prior year.

Full-year total revenue increased 29.9% year over year to 292.6 million rupees from 225.3 million rupees, and total operating expenses rose 22.9% on an annual basis to 227.9 million rupees from 185.4 million rupees.

The company said reported net income fell 32.0% on an annual basis to 47.4 million rupees, or 8.51 rupees per share, in the full year, from 69.7 million rupees, or 11.72 rupees per share.

As of July 6, US$1 was equivalent to 63.30 Indian rupees.