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Huatian Hotel Q1 loss widens 35.0% YOY

Huatian Hotel Group Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 5 fen per share, compared with a loss of 3 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 a loss of 34.0 million yuan, compared with a loss of 25.2 million yuan in the year-earlier period.

The normalized profit margin declined to negative 12.9% from negative 5.8% in the year-earlier period.

Total revenue declined 39.5% year over year to 262.7 million yuan from 434.3 million yuan, and total operating expenses fell 34.8% from the prior-year period to 283.0 million yuan from 434.0 million yuan.

Reported net income totaled a loss of 48.8 million yuan, or a loss of 7 fen per share, compared to a loss of 38.1 million yuan, or a loss of 5 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.22 yuan.