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Hotelest Q3 loss widens YOY

Hotelest Ltd. said its third-quarter normalized net income was a loss of 34 Mauritian cents per share, compared with a loss of 16 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 a loss of 18.9 million rupees, compared with a loss of 9.0 million rupees in the year-earlier period.

The normalized profit margin fell to negative 2.8% from negative 1.2% in the year-earlier period.

Total revenue declined 10.1% on an annual basis to 667.4 million rupees from 742.4 million rupees, and total operating expenses totaled 747.0 million rupees, compared with 749.7 million rupees in the prior-year period.

Reported net income came to a loss of 104.9 million rupees, or a loss of 1.88 rupees per share, compared to a loss of 49.0 million rupees, or a loss of 88 cents per share, in the prior-year period.

As of Nov. 15, US$1 was equivalent to 35.87 Mauritian rupees.