Elegant Hotels Group PLC said its normalized net income for the fiscal first half ended March 31 was 10 cents per share, a decrease of 28.9% from 14 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 $9.0 million, a gain of 12.1% from $8.0 million in the prior-year period.

Total revenue came to $36.5 million, compared with $36.4 million in the year-earlier period, and total operating expenses declined on an annual basis to $21.4 million from $21.7 million.

Reported net income increased 36.3% on an annual basis to $13.6 million, or 15 cents per share, from $10.0 million, or 18 cents per share.