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.