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Hostelworld swings to profit in H1

Hostelworld Group Plc said its normalized net income for the first half came to 2 euro cents per share, compared with a loss of €3.05 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €1.7 million, compared with a loss of €9.2 million in the year-earlier period.

Total revenue declined 8.5% year over year to €40.2 million from €43.9 million, and total operating expenses declined 7.0% year over year to €37.4 million from €40.2 million.

Reported net income totaled a loss of €4.7 million, or a loss of 5 cents per share, compared to a loss of €14.8 million, or a loss of €4.93 per share, in the year-earlier period.