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Advani Hotels & Resorts (India) swings to profit in fiscal Q1

Advani Hotels & Resorts (India) Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 4 Indian paise per share, compared with a loss of 12 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 1.7 million rupees, compared with a loss of 5.6 million rupees in the prior-year period.

The normalized profit margin increased to 1.8% from negative 8.2% in the year-earlier period.

Total revenue grew 35.9% on an annual basis to 92.5 million rupees from 68.1 million rupees, and total operating expenses climbed 14.5% on an annual basis to 87.4 million rupees from 76.3 million rupees.

Reported net income totaled 1.8 million rupees, or 4 paise per share, compared to a loss of 9.0 million rupees, or a loss of 19 paise per share, in the year-earlier period.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.