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Sinclairs Hotels fiscal Q1 profit climbs 57.5% YOY

Sinclairs Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 3.00 Indian rupees per share, a gain of 71.2% from 1.75 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.7 million rupees, a gain of 57.5% from 10.6 million rupees in the prior-year period.

The normalized profit margin increased to 22.5% from 19.0% in the year-earlier period.

Total revenue rose 32.8% year over year to 74.4 million rupees from 56.0 million rupees, and total operating expenses climbed 17.6% on an annual basis to 48.6 million rupees from 41.3 million rupees.

Reported net income rose on an annual basis to 26.8 million rupees, or 4.80 rupees per share, from 11.2 million rupees, or 1.85 rupees per share.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.