Velan Hotels Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 23.7 million rupees, compared with a loss of 4.0 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 65.0% from negative 9.2% in the year-earlier period.

Total revenue declined 17.3% on an annual basis to 36.4 million rupees from 44.0 million rupees, and total operating expenses decreased year over year to 34.7 million rupees from 36.2 million rupees.

Reported net income came to a loss of 37.3 million rupees, or a loss of 2.24 rupees per share, compared to a loss of 5.0 million rupees in the prior-year period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.