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Velan Hotels swings to loss in fiscal Q1

Velan Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 6.7 million rupees, compared with income of 1.9 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 declined to negative 16.1% from 5.2% in the year-earlier period.

Total revenue rose 11.6% year over year to 41.8 million rupees from 37.5 million rupees, and total operating expenses grew 23.1% from the prior-year period to 39.1 million rupees from 31.8 million rupees.

Reported net income came to a loss of 8.3 million rupees, compared with income of 2.4 million rupees, or 8 paise per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to 61.24 Indian rupees.