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Ras Resorts & Apart Hotels fiscal Q2 loss widens 36.7% YOY

Ras Resorts & Apart Hotels Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 81 Indian paise per share, compared with a loss of 59 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 3.2 million rupees, compared with a loss of 2.4 million rupees in the prior-year period.

The normalized profit margin fell to negative 22.5% from negative 16.5% in the year-earlier period.

Total revenue came to 14.3 million rupees, compared with 14.3 million rupees in the year-earlier period, and total operating expenses increased 5.3% on an annual basis to 17.9 million rupees from 17.0 million rupees.

Reported net income totaled a loss of 2.8 million rupees, or a loss of 72 paise per share, compared to a loss of 3.7 million rupees, or a loss of 93 paise per share, in the year-earlier period.

As of Oct. 22, US$1 was equivalent to 61.24 Indian rupees.