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TAJGVK Hotels & Resorts fiscal Q3 profit falls YOY

TAJGVK Hotels & Resorts Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 50 Indian paise per share, a decrease from 51 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 31.4 million rupees, a decrease from 32.4 million rupees in the prior-year period.

The normalized profit margin dropped to 4.6% from 5.0% in the year-earlier period.

Total revenue grew year over year to 683.3 million rupees from 653.0 million rupees, and total operating expenses grew year over year to 567.8 million rupees from 554.1 million rupees.

Reported net income fell 18.3% on an annual basis to 26.8 million rupees, or 43 paise per share, from 32.9 million rupees, or 52 paise per share.

As of Jan. 29, US$1 was equivalent to 61.78 Indian rupees.