Jindal Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 21 Indian paise per share, a decline of 51.6% from 44 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 1.3 million rupees, a decline of 51.5% from 2.6 million rupees in the year-earlier period.

The normalized profit margin fell to 2.0% from 4.2% in the year-earlier period.

Total revenue rose year over year to 64.0 million rupees from 61.5 million rupees, and total operating expenses grew 9.2% year over year to 51.5 million rupees from 47.2 million rupees.

Reported net income fell 76.2% from the prior-year period to 600,000 rupees, or 10 paise per share, from 2.5 million rupees, or 42 paise per share.

As of July 24, US$1 was equivalent to 60.11 Indian rupees.