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Best Eastern Hotels fiscal Q1 profit climbs 61.6% YOY

Best Eastern Hotels Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 14 Indian paise per share, a gain of 65.4% from 9 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 2.4 million rupees, a gain of 61.6% from 1.5 million rupees in the year-earlier period.

The normalized profit margin climbed to 14.3% from 11.2% in the year-earlier period.

Total revenue rose 26.3% year over year to 17.0 million rupees from 13.4 million rupees, and total operating expenses increased 19.9% from the prior-year period to 12.6 million rupees from 10.5 million rupees.

Reported net income grew 54.4% from the prior-year period to 2.5 million rupees, or 15 paise per share, from 1.6 million rupees, or 10 paise per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.