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Gujarat Hotels profit holds relatively steady YOY in fiscal Q1

Gujarat Hotels Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 1.41 Indian rupees per share, compared with 1.40 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.3 million rupees, compared with 5.3 million rupees in the prior-year period.

The normalized profit margin dropped to 69.3% from 75.7% in the year-earlier period.

Total revenue increased 9.2% on an annual basis to 7.7 million rupees from 7.0 million rupees, and total operating expenses climbed 7.4% from the prior-year period to 678,000 rupees from 631,000 rupees.

Reported net income declined from the prior-year period to 6.0 million rupees, or 1.60 rupees per share, from 6.2 million rupees, or 1.64 rupees per share.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.