SIF Hoteluri SA said its first-quarter normalized net income came to a loss of 3 Romanian bani per share, compared with a loss of 5 bani 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 984,640 lei, compared with a loss of 966,240 lei in the year-earlier period.

The normalized profit margin rose to negative 25.2% from negative 48.7% in the year-earlier period.

Total revenue increased 96.9% on an annual basis to 3.9 million lei from 2.0 million lei, and total operating expenses grew 54.6% from the prior-year period to 5.5 million lei from 3.5 million lei.

Reported net income came to a loss of 1.6 million lei, or a loss of 5 bani per share, compared to a loss of 1.5 million lei, or a loss of 8 bani per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 3.96 Romanian lei.