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Huatian Hotel Q2 profit climbs YOY

Huatian Hotel Group Co. Ltd. said its normalized net income for the second quarter was 94.3 million yuan, a gain from 3.3 million yuan in the year-earlier period.

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

The normalized profit margin rose to 36.6% from 1.0% in the year-earlier period.

Total revenue decreased 21.3% year over year to 257.3 million yuan from 326.8 million yuan, and total operating expenses fell on an annual basis to 324.6 million yuan from 331.8 million yuan.

Reported net income came to 94.1 million yuan, or 12 fen per share, compared to a loss of 2.3 million yuan, or a loss of 0 fen per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.