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Best Eastern Hotels fiscal Q1 profit falls YOY

Best Eastern Hotels Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 11 Indian paise per share, a decline of 22.8% from 14 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 1.9 million rupees, a decrease of 21.2% from 2.4 million rupees in the prior-year period.

The normalized profit margin fell to 11.5% from 14.3% in the year-earlier period.

Total revenue fell on an annual basis to 16.6 million rupees from 17.0 million rupees, and total operating expenses totaled 12.6 million rupees, compared with 12.6 million rupees in the year-earlier period.

Reported net income fell 18.3% on an annual basis to 2.1 million rupees, or 12 paise per share, from 2.5 million rupees, or 15 paise per share.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.