Graviss Hospitality Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 18 Indian paise per share, compared with 4 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 12.3 million rupees, compared with income of 2.5 million rupees in the year-earlier period.

The normalized profit margin declined to negative 10.7% from 2.1% in the year-earlier period.

Total revenue fell year over year to 114.8 million rupees from 118.0 million rupees, and total operating expenses climbed 15.1% from the prior-year period to 131.7 million rupees from 114.4 million rupees.

Reported net income totaled a loss of 19.6 million rupees, or a loss of 28 paise per share, compared to income of 4.0 million rupees, or 6 paise per share, in the prior-year period.

As of July 28, US$1 was equivalent to 60.09 Indian rupees.