City Lodge Hotels Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2014, came to 3.33 rand per share, an increase of 13.7% from 2.93 rand per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 121.7 million rand, an increase of 12.2% from 108.5 million rand in the prior-year period.
Total revenue grew 20.3% year over year to 642.4 million rand from 533.9 million rand, and total operating expenses rose 19.7% year over year to 419.1 million rand from 350.0 million rand.
Reported net income rose 10.9% on an annual basis to 134.4 million rand, or 3.68 rand per share, from 121.2 million rand, or 3.27 rand per share.
As of Feb. 18, US$1 was equivalent to 11.67 rand.
