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Allied Hotel Properties Q1 loss narrows YOY

Allied Hotel Properties Inc. said its first-quarter normalized net income amounted to a loss of C$504,380, compared with a loss of C$616,880 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 26.5% from negative 38.3% in the year-earlier period.

Total revenue increased 18.3% year over year to C$1.9 million from C$1.6 million, and total operating expenses grew on an annual basis to C$2.5 million from C$2.4 million.

Reported net income came to a loss of C$807,000, or a loss of 1 cents per share, compared to a loss of C$987,000, or a loss of 1 cents per share, in the year-earlier period.