SIF Hoteluri SA said its normalized net income for the second quarter was a loss of 1 Romanian bani per share, compared with a loss of 3 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 390,870 lei, compared with a loss of 683,440 lei in the year-earlier period.

The normalized profit margin climbed to negative 7.4% from negative 22.5% in the year-earlier period.

Total revenue climbed 83.5% on an annual basis to 5.6 million lei from 3.0 million lei, and total operating expenses climbed 55.8% on an annual basis to 6.0 million lei from 3.9 million lei.

Reported net income came to a loss of 625,400 lei, or a loss of 2 bani per share, compared to a loss of 1.1 million lei, or a loss of 5 bani per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 3.99 Romanian lei.