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BTG Hotels Q1 profit climbs 10.5% YOY

BTG Hotels (Group) Co. Ltd. said its normalized net income for the first quarter came to 11 fen per share, an increase of 10.5% from 10 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 30.8 million yuan, a gain of 10.5% from 27.9 million yuan in the prior-year period.

The normalized profit margin rose to 8.9% from 4.2% in the year-earlier period.

Total revenue declined 48.3% on an annual basis to 346.4 million yuan from 670.4 million yuan, and total operating expenses decreased 50.4% year over year to 299.9 million yuan from 605.1 million yuan.

Reported net income declined year over year to 29.7 million yuan, or 11 fen per share, from 30.7 million yuan, or 11 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.