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Hotelest Q2 profit climbs 89.4% YOY

Hotelest Ltd. said its normalized net income for the second quarter was 4 Mauritian cents per share, an increase of 12.4% from 4 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.3 million rupees, an increase of 89.4% from 1.2 million rupees in the prior-year period.

The normalized profit margin climbed to 0.3% from 0.1% in the year-earlier period.

Total revenue came to 823.7 million rupees, compared with 830.9 million rupees in the year-earlier period, and total operating expenses grew 6.4% from the prior-year period to 795.1 million rupees from 747.1 million rupees.

Reported net income came to a loss of 46.1 million rupees, or a loss of 82 cents per share, compared to a loss of 19.7 million rupees, or a loss of 59 cents per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to 35.59 Mauritian rupees.