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Saigon Hotel swings to profit in Q1

Saigon Hotel Corp. said its normalized net income for the first quarter amounted to 237.70 dong per share, compared with a loss of 67.87 dong per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 840.9 million dong, compared with a loss of 239.8 million dong in the year-earlier period.

The normalized profit margin rose to 10.0% from negative 6.8% in the year-earlier period.

Total revenue rose year over year to 8.43 billion dong from 3.52 billion dong, and total operating expenses rose 76.9% year over year to 6.78 billion dong from 3.84 billion dong.

Reported net income totaled 1.04 billion dong, or 295.00 dong per share, compared to a loss of 383.6 million dong, or a loss of 108.59 dong per share, in the prior-year period.

As of April 23, US$1 was equivalent to 21,590 dong.