Howard Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.3 million rupees, compared with a loss of 1.1 million rupees in the year-earlier period.

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

The normalized profit margin fell to negative 14.3% from negative 7.4% in the year-earlier period.

Total revenue climbed on an annual basis to 15.8 million rupees from 15.1 million rupees, and total operating expenses rose 18.9% year over year to 19.0 million rupees from 16.0 million rupees.

Reported net income came to a loss of 3.6 million rupees, compared with a loss of 1.8 million rupees, or a loss of 20 paise per share, in the prior-year period.

As of Aug. 4, US$1 was equivalent to 61.01 Indian rupees.