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Ocean Hospitality & Service Q1 loss widens YOY

Ocean Hospitality & Service JSC said its normalized net income for the first quarter amounted to a loss of 34.02 dong per share, compared with a loss of 7.52 dong 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 6.80 billion dong, compared with a loss of 1.50 billion dong in the prior-year period.

The normalized profit margin fell to negative 11.1% from negative 1.0% in the year-earlier period.

Total revenue declined 11.6% year over year to 137.57 billion dong from 155.69 billion dong, and total operating expenses decreased 13.9% year over year to 135.74 billion dong from 157.60 billion dong.

Reported net income came to a loss of 12.07 billion dong, or a loss of 60.33 dong per share, compared to a loss of 7.26 billion dong, or a loss of 36.32 dong per share, in the prior-year period.

As of July 23, US$1 was equivalent to 21,817.50 dong.