TAJGVK Hotels & Resorts Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 5 Indian paise per share, compared with a loss of 25 paise 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 2.9 million rupees, compared with a loss of 16.0 million rupees in the year-earlier period.

The normalized profit margin rose to negative 0.5% from negative 2.8% in the year-earlier period.

Total revenue increased year over year to 592.1 million rupees from 569.6 million rupees, and total operating expenses rose from the prior-year period to 534.1 million rupees from 528.1 million rupees.

Reported net income totaled a loss of 8.6 million rupees, or a loss of 14 paise per share, compared to a loss of 19.0 million rupees, or a loss of 30 paise per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 61.37 Indian rupees.