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Acesite Philippines Hotel Q3 profit falls YOY

Acesite (Phils.) Hotel Corp. said its normalized net income for the third quarter came to 1 Philippine centavos per share, a decrease of 86.7% from 9 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.0 million pesos, a decrease of 84.8% from 33.1 million pesos in the prior-year period.

The normalized profit margin declined to 3.4% from 19.7% in the year-earlier period.

Total revenue fell 12.8% on an annual basis to 146.3 million pesos from 167.8 million pesos, and total operating expenses increased 25.3% from the prior-year period to 136.0 million pesos from 108.5 million pesos.

Reported net income decreased 84.8% year over year to 8.0 million pesos, or 2 centavos per share, from 52.9 million pesos, or 15 centavos per share.

As of Nov. 16, US$1 was equivalent to 47.20 Philippine pesos.