Velan Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 24.5 million rupees, compared with a loss of 6.7 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 71.7% from negative 16.1% in the year-earlier period.

Total revenue declined 18.4% on an annual basis to 34.1 million rupees from 41.8 million rupees, and total operating expenses decreased 9.5% year over year to 35.4 million rupees from 39.1 million rupees.

Reported net income totaled a loss of 34.3 million rupees, or a loss of 1.07 rupees per share, compared to a loss of 8.3 million rupees in the prior-year period.

As of Aug. 10, US$1 was equivalent to 63.80 Indian rupees.