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Ambassador Hotel profit misses consensus by 37.6% in Q2

Ambassador Hotel Ltd. said its second-quarter normalized net income amounted to 13 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 21 cents per share.

EPS decreased 23.8% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$48.0 million, a decrease of 23.8% from NT$63.0 million in the year-earlier period.

The normalized profit margin declined to 5.7% from 7.3% in the year-earlier period.

Total revenue fell on an annual basis to NT$847.1 million from NT$868.2 million, and total operating expenses rose year over year to NT$781.2 million from NT$765.5 million.

Reported net income declined 25.8% year over year to NT$52.0 million, or 14 cents per share, from NT$70.0 million, or 19 cents per share.

As of Aug. 9, US$1 was equivalent to NT$31.35.